Danner Company expects to have a cash balance of $46,350 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows, Collections from customers: January $87,550, February $154,500 Payments for direct materials: January $$1,500, February $77,250. Direct labor: January $30,900, February $46,350, Wages are paid in the month they are incurred. Manufacturing overhead: January $21,630, February $25,750. These costs include depreciation of $1,545 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $15,450, February $20,600. These costs are exclusive of depreciation. They are paid as incurred Sales of marketable securities in January are expected to realize $12,360 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $25.750. The company wants to maintain a minimum monthly cash balance of $20,600. Prepare a cash budget for January and February DANNER COMPANY Cash Budget January February