Coronado Industries expects credit sales for January, February, and March to be $198,000, $234,000, and $270,000, respectively. It is expected that 75% of the sales will be collected in the month of sale, and 25% will be collected in the following month. Compute cash collections from customers for each month. Collections from Customers Credit Sales January February March January February March eTextbook and Media Save for Later Attempts: 0 of 3 used Submit AnswerCurrent Attempt in Progress Oriole Company expects to have a cash balance of $46,800 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows. Collections from customers: January $88,400, February $156,000. Payments for direct materials: January $52,000, February $78,000. Direct labor: January $31,200, February $46,800. Wages are paid in the month they are incurred. Manufacturing overhead: January $21,840, February $26,000. These costs include depreciation of $1,560 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $15,600, February $20,800. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $12,480 in cash. Oriole Company has a line of credit at a local bank that enables it to borrow up to $26,000. The company wants to maintain a minimum monthly cash balance of $20,800. Prepare a cash budget for January and February. ORIOLE COMPANY Cash Budget V January February V 1 : V V V V V 1 : V