Create an expected collection from customers for January and February and expected payment for direct materials for January and February. Then a cash budget for January and February

Problem 13-4 Concord Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: January February Sales $427,680 142,560 106,920 83,160 93,852 $475,200 148,500 118,800 89,100 100,980 Direct materials purchases Direct labor Manufacturing overhead Selling and administraive expenses All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,188 of depreciation per month Other data 1. Credit sales: November 2016, $297,000; December 2016, $380,160 2. Purchases of direct materials: December 2016, $118,800 3. Other receipts: January-Collection of December 31, 2016, notes receivable $17,820; February-Proceeds from sale of securities $7,128 4. Other disbursements: February Payment of $7,128 cash dividend The company's cash balance on January 1, 2017, is expected to be $71,280. The company wants to maintain a minimum cash balance of $59,400