Exercise 22-14 Danner Company expects to have a cash balance of $46,800 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $88,400, February $156,000. Payments for direct materials: January $52,000, February $78,000. Direct labor: January $31,200, February $46,800. Wages are paid in the month they are incurred. Manufacturing overhead: January $21,840, February $26,000. These costs include depreciation of $1,560 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $15,600, February $20,800. These costs are exclusive of depreciation. They are paid as incurred. minimum monthly cash balance of $20,800. Sales of marketable securities in January are expected to realize $12,480 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $26,000. The company wants to maintain Prepare a cash budget for January and February. DANNER COMPANY Cash Budget For the Two Months Ending February 28, 2020 January February Beginning Cash Balance Add Receipts Collections from Customers Sale of Marketable Securities Total Receipts Total Available Cash Less . Disbursements Direct Materials Direct Labor Manufacturing Overhead Selling and Administrative Expenses Total Disbursements Excess (Deficiency) of Available Cash Over Cash Disbursements Financing Add . Borrowings Less Repayments Ending Cash Balance Click if you would like to Show Work for this question: Open Show Work