Current Attempt in Progress Ivanhoe Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows: All sales are on account. Collections are expected to be 50 in in the month of sale, 30n in the fust month following the sale, and 20c in the second month following the sale. Sixty percent (6004) of direct materials purchases are paid in cash in the morth of purchase, and the balance due is paid in the month following the purchase. All other items above are pald in the month incurred except for selling and administrative expenses that include $1,080 of depreciation per month. Other data: All sales are on account. Collections are expected to be 505 in the month of sale, 30x in the first month following the whe, and 20 s. in the second month followire the sale, 5wey percent (6004) of direct materials purchases ate paid in cath in the month of purchase and the batance due is paid in the reenth following the purchase, All other items above are pasid in the monsh incurred except for selling and administrative expenses that include 51.060 of depreciation per itionth. Oither ista: 1. Credit sales-November 2021,$270,000, December 2021,$345,600. 2. Purchises of direct materials: December 2021, 5108000 . 3. Other receipts: January-Collection of December 31, 2021, notes recelvable $16,200. February-Proceeds from sale of vecurities 56,460 4. Other disborsemente. February-Payment of $6,480 cash dividend. The compary's cash balance on Jaruary 1.2022, is expected to be 564,800 . The company wants to maintah a minimum cash tutance of $54,000. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for Janciary and February. Bus-317 Topic 07 Assignment Prepare a cash budget for January and February in columnar form. BUS-317 Topic 07 Assignment: - Bus-317 Topic 07 Assignment