Current Attempt in Progress Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $374,400 $416,000 Direct materials purchases 124,800 130,000 Direct labor 93,600 104,000 72,800 78,000 Manufacturing overhead 82,160 88,400 Selling and administrative 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 $1,040 of depreciation per month. 10:23 PM Current Attempt in Progress Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $374,400 $416,000 Direct materials purchases 124,800 130,000 Direct labor 93,600 104,000 72,800 78,000 Manufacturing overhead 82,160 88,400 Selling and administrative 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 $1,040 of depreciation per month. 10:23 PM