DANNER COMPANY Cash Budget For the Two Months Ending February 28, 2020 * February DANNER COMPANY Cash Budget For the Two Months Ending February 28,2020 * Beginning Cash Balance February Receipts Collections from Customers Sale of Marketable Securities Total Available Cash Direct Materials Manufacturing Overhead 34200 Selling and Administrative Expenses 22230 Total Receipts 17100 Danner Company expects to have a cash balance of $51,300 on January 1,2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $96,900, February $171,000. Payments for direct materials: January $57,000, February $85,500. Direct labor: January $34,200, February $51,300. Wages are paid in the month they are incurred. Manufacturing overhead: January $23,940, February $28,500. These costs include depreciation of $1,710 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $17,100. February $22,800. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $13,680 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $28,500. The company wants to maintain a minimum monthly cash balance of $22,800. Prepare a cash budget for January and February