Current Attempt in Progress Lily Company prepares monthly cash budeets. Relevant data from operating budgets for 2022 are as follows. 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 selline and administrative expenses that include $840 of depreciation per month Other data: 1. Credit sales: November 2021, \$210,000; December 2021, $269,800. 2. Purchases of direct materials: December 2021, \$84,000. 3. Other receipts: January-Collection of December 31 , 2021, notes receivable $12,600; February-Proceeds from sale of securities $5,040. 4. Other disbursements: February-Payment of $5,040 cash dividend. The company's cash balance on January 1,2022, is expected to be $50,400. The company wants to maintain a minimum cash balance of $42,000. Your answer is partially correct Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. LILY COMPANY Schedule of Expected Collections from Customers For the 50 Months Ending February 28, 2022 Navember December 80640 53760 January 151200 151200 February Total collections LILYCOMPANY Schedule of Expected Payments for Direct Materials February 29, 2022 December January February Total payments Prepare a cash budget for January and February in columnar form