MI Company prepares monthly cash budgets. Relevant data from operating budget for 2020 are as follows. January February Sales 5435,600 5434,000 Direct materials purchases 145,200 151,250 Direct labor 108,900 121,000 Manufacturing overhead 34,700 90,750 Seling and administrative expenses 95,590 102,850 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 20in the second month folowing the Sixty percent () Grect 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 out for thing and administrative person that include $1.210 of depreciation per month Other datai 1. Credit sales November 2018, 102,500, December 2019, 3.307,200 2 Purchases of direct material December 2019, 121.000, 3 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 57,260 cash dividend The company's cash balance on January 1, 2020, is expected to be 572,600. The company wants to maintain a minimum cash balance of 560,500. Prepare a cash budget for January and February in columnar form. SANDHILL COMPANY Cash Budget January February > > > >