Current Attempt in Progress Colter Company prepares monthly cash budets. Relevant data from operating budeets for 2020 are as follows January February Sales Direct materials purchases Direct labor Manufacturing overhead $406,800 135,600 101,700 79.100 $452.000 141,250 113.000 84750 Selling and administrative expenses 89.270 96,050 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 20in the second month following the sale. Shty percent (60%) of direct materials purchases are paid in cash in the month of purchase and the balance due pad in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include 51, 130 of depreciation per month Other data 1. Credit sales: November 2019. $282.500: December 2019. $361 000 2. Purchases of direct materials: December 2019.5113.000 3 Other receipts: January-Collection of December 31, 2012. notes receivable $16.950 February - Proceeds from cale of securities 56.780 4 Other disbursements: February-Payment of 56,780 cash dividend The company's cash balance on January 1, 2020 Dected to be 567.000. The company w mumah balance of 556.500 Prepare schedules for (1) epected collections from customers and (2) expected payments for direct materials purchases for January and February Expected Collections from Customers January February November $ December January February Total collections Expected Payments for Direct Materials December January February Total payments Textbook and Media