ey Study Question Lorch Company prepares monthly cash budgets, Relevant data from operating budgets for 2021 are as follows: January February Sales $350,000 $97.000 Direct materials purses 121,000 Direct bour 86,000 113,000 Manufacturing overhead 61.000 75.000 Selling and administrative 24,000 79.000 sales are on account Loch gets collections to be 50 in the mouth of sale, 405 in the first month following the sales and 10the second month follo 30% of direct materials purses in cash in the month of purchase and the band in the month following the purchase Other data are as follows: 1. Credit sales: November 2000 5202.000: December 2020. 5277.000 2. Purchases of direct materias: December 2020. 529.000 3. Other receipts: Januarycollection of December 11, 2020.eceivable 55.000-es from sec 35.000 4. Other disbursements: Fabruary-ayment of $20.000 forland The company expects its cash balancton anuary 1, 2021 to be $ 50.000.000 Prepare schedules for (1) the expected collections from customers Hon SRCES Prepare schedules for (1) the expected collections from customers. Month January February November $ December January by Study February 5 (2) the expected payments for direct materials purchases. Month January February December 5 January February 0 RE Type here to search CES LORCH COMPANY Cash Budget For the Two Months Ending February 28, 2021 Jan Feb Beginning cash balance Total Add: Cash receipts Total receipts Total available cash Less: Disbursements TAURA here to search