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Cullumber Company, a retailer of camping supplies has budgeted activity for January using the following data: Cash sales $28,500 Credit sales (60% collected in month

Cullumber Company, a retailer of camping supplies has budgeted activity for January using the following data: Cash sales $28,500 Credit sales (60% collected in month of sale) 376,000 Selling and administrative costs (including depreciation) 48,600 Depreciation expense 5,500 Merchandise Inventory, January 1 21,200 Merchandise Inventory, January 31 20,500 Beginning cash balance 3,800 Minimum cash balance required 3,300 Cost of goods sold is 55% of Coopers selling price. All purchases are paid in cash. Selling and administrative costs are paid in month of purchase.

Prepare a cash budget for January.

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