January February November 60500 December 116160 XX 23232 January 217800 65340 Il February 242000 Total collections 394460 330572 Expected Payments for Direct Materials January February December 48400 January 87120) 34848 February 90750 Total payments 135520 125598 Click if you would like to show Work for thic quantia CALCULATOR PRINTER VERSION 4 RACK Problem 9-4A (Part Level Submission) (Video) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February $435,600 $484,000 Direct materials purchases 145,200 151,250 Direct labor 108,900 121,000 Manufacturing overhead 84,700 90,750 Selling and administrative expenses 95,590 102,850 Sales 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 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 above are paid in the month incurred except for selling and administrative expenses that include $1,210 of depreciation per month Other data: 1. 2. 3. Credit sales: November 2019, 5302,500: December 2019, 5387,200. Purchases of direct materials: December 2019, $121,000. Other receipts: January-Collection of December 31, 2019, notes receivable $18.150; February--Proceeds from sale of securities $7,260. Other disbursements: February-Payment of $7,260 cash dividend. 4. The company's cash balance on January 1, 2020, is expected to be $72,600. The company wants to maintain a minimum cash balance of $60,500. a