Martin Company expects to have a cash balance of $134,100 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows: Collections from customers: January $250,000, February $427,300. Payments for direct materials: January $155,500, February $234,400 Direct labor: January $91,600, February $133,900. Wages are paid in the month they are incurred. Manufacturing overhead: January $63,500, February $73,900. These costs include depreciation of $5,000 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $45,000, February $60,100. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $36,000 in cash. Martin Company has a line of credit at the local bank that enables it to borrow up to $75,600. The company wants to maintain a minimum monthly cash balance of $58,800. Prepare a cash budget for January and February. Martin Company Cash Budget For the Months Ending February 2020 January February