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 ceclusive 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 113600 40000 24000 Selling and Administrative Expenses 15600 Manufacturing Overhead 91600 Total Oisbursements 22000 Total Disbursements Excess (Deficiency) of Available Cash Over Cash Disbursements Add : Borrowings Less : Repayments Ending Cash Batance eTextbook and Media Savefor Later Last saved 2 minutes ago. Attempts: 0 of 3 used Submit Answer Saycd work will be auto-submitted on the due date. Auto