Current Attempt in Progress Lily Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows January February Sales $302,400 $336,000 Direct materials purchases 100.000 105.000 Direct labor 75,600 84.000 Manufacturing overhead 58,800 63,000 Selling and administrative expenses 66.360 71.400 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. Saty 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 $840 of depreciation per month Other data: 1 Credit sales: November 2021, $210,000: December 2021, $268.800. D 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 Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February November LILY COMPANY Schedule of Expected Collections from Customers December January February Total collections January February December January February LILYCOMPANY Schedule of Expected Payments for Direct Materials January Total payments $ $ eTextbook and Media February LILY COMPANY Cash Budget January Feb