Danner Company expects to have a cash balance of $53.550 on January 1.2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $101,150, February $178,500. Payments for direct materials: January $59,500, February $89,250 Direct labor: Jamuary $35,700, February $53,550. Wages are paid in the month they are incurred. Manulacturing overhead: Jamary $24.990. February $29,750. These costs include depreciation of $1.735 per month. All ather overhead costs are paid as incurred, Selling and administrative expenses: January $17,850, February $23,800. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $14,280 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $29.750. The company wants to maintain a minimum monthly cash balance of $23.800. Prepare a cash budget tor January and February. DANNER COMPANY Cash Budget Seling and Administrative Erpenses Finaneing Excess (Deticiency) of Avalable Cash Over Cash Oisbursements Disbursements Fnding Cash balance Total Ayallable Cash Direct Laboe Ilorrowings Total Disbursements Receipts Aepeyments Collections from Customers Derect Materials Total Receiots Beginning Cash alalice Sale of Marktable Secunties Manufacturing Overhead efextbook and Media Question 4 of 5 \& ? 15