FILE TOOLS VIEW Document1 - Word (Prod Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $428,400 $476,000 Direct materials purchases 142,800 148,750 Direct labor 107,100 119,000 Manufacturing overhead 83,300 89,250 Selling and administrative expenses 94.010 101.150 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of dire in the month incurred except for selling and administrative expenses that include $1,190 of depreciation per month. lance due is paid in the month following the purchase. All other items above are paid Other data: 2. Credit sales: November 2019, $297,500; December 2019, $380,800. Purchases of direct materials: December 2019, $119,000. Other receipts: January-Collection of December 31, 2019, notes receivable $17,850; February-Proceeds from sale of securities $7,140. 4. Other disbursements: February-Payment of $7,140 cash dividend The company's cash balance on January 1, 2020, is expected to be $71,400. The company wants to maintain a minimum cash balance of $59,500. Prepare schedules for (1) expected collections from customers and (2) expected payments for ( -- - hases for January and February. Expected Collections from Customers January February November December anuary Februar Total collections TP-LINK CC1E28 2 Internet access Expected Payments for Direct Materials January February December January February Total payments Prepare a cash budget for January and February in columnar form. COLTER COMP Cash Budget January February $ SCREEN 1 OF 1 LO