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Coronado Company prepares monthly cash budgets. Relevant data from operating budgets for 2023 are as follows: January February Sales $354,000 $399,000 Direct materials purchases 121,000 111,000 Direct labour 85,000 113,000 Manufacturing overhead 60,000 76,000 Selling and administrative expenses 74,000 81,000 All sales are on account. Coronado expects collections to be 50% in the month of sale, 40% in the first month following the sale, and 10% in the second month following the sale. It pays 30% of direct materials purchases in cash in the month of purchase and the balance due in the month following the purchase. Other data are as follows: 1. Credit sales: November 2022, $198,000; December 2022, $280,000 2. Purchases of direct materials: December 2022, $91,000 3. Other receipts: January-collection of December 31, 2022, notes receivable $5,000; February-proceeds from sale of securities $6,000 4. Other disbursements: February-payment of $19,000 for land The company expects its cash balance on January 1, 2023, to be $50,000. It wants to maintain a minimum cash balance of $40,000. Prepare a cash budget for January and February using columns for each month. LORCH COMPANY Cash Budget For the Two months Ending February 28, 2021 Jan Feb Beginning cash balance 5000 44 Add Cash receipts Collection of notes receivable 308800 369 Collection of notes receivable 5000 Proceeds from sale of securities 0 Total receipts 313800 379 Total available cash 363800 414 Less Disbursements Direct materials 100000 11 Direct labour 85000 11: Manufacturing overhead 60000 70 Selling and administrative expenses 74000 8: Purchase of land 0 19 Total disbursements 319000 402 Excess of cash available over cash disbursements 44800 1: Financing Add Borrowing 2: Less : Repayment 0 Ending cash balance $