Crane Company expects to have a cash balance of $36,000 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows Collections from customers: January $68,000. February $120,000. Payments for direct materials: January $40,000, February $60,000 Direct labor: January $24,000, February $36,000. Wages are paid in the month they are incurred. Manufacturing overhead: January $16,800, February $20,000. These costs include depreciation of $1,200 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $12,000, February $16,000. These costs are exclusive of depreciation. They are paid as incurred Sales of marketable securities in January are expected to realize $9.600 in cash. Crane Company has a line of credit at a local bank that enables it to borrow up to $20,000. The company wants to maintain a minimum monthly cash balance of $16,000 Prepare a cash budget for January and February CRANE COMPANY Cash Budget For the Quarter Ending February 28, 2022 January February $ 36000 22001 Beginning Cash Balance 120000 Collections from Customers 68000 9600 14200 Direct Materials Direct Labor Direct Labor Borrowings 0 4806 Borrowings 52000 $ 16000 Ending Cash Balance