i Notes Receivable | 15900 T _Sale of Securities , | 6360| T Total Receipts |_361460| | | 400680| Total Available Cash | 425060| 454740 Less Disbursements T Direct Materials -118720| T -130380 S T Cash Dividend 6360 T Direct Labor -95400 -106000 T Manufacturing Overhead T -74200| -79,500 Selling and Administrative Expenses -82680| -89,040 T Total Disbursements TExcess (Deficiency) of Available Cash Over Cash Disbursements -6360 T Financing Add Add a . Borrowings Bor 9540 T Repayments CALCULATOR PRINTER VERSION BA Problem 13-4 (Part Level Submission) Grouper Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January $381,600 127,200 95,400 74,200 83,740 February $424,000 132,500 106,000 79,500 90,100 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 sa percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items ab in the month incurred except for selling and administrative expenses that include $1,060 of depreciation per month. Other data: 1. 2. 3. Credit sales: November 2016, $265,000; December 2016, $339,200. Purchases of direct materials: December 2016, $106,000. Other receipts: January-Collection of December 31, 2016, notes receivable $15,900; February-Proceeds from sale of securities $6,360. Other disbursements: February-Payment of $6,360 cash dividend. 4. The company's cash balance on January 1, 2017, is expected to be $63,600. The company wants to maintain a minimum cash balance of $53,000