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Metlock Company prepares monthly cash budgets. Relevant date from operating budgets for 2023 are as follows: January February Sales $352,000 $396,000 Direct materials purchases 118,000 109,000 Direct labour 85,000 112,000 Manufacturing overhead 60,000 74,000 Selling and administrative expenses 75,000 79,000 All sales are on account. Metlock 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, $202,000; December 2022, $280,000 2. Purchases of direct materials: December 2022. $89,000 3. Other receipts: January-collection of December 31, 2022, notes receivable $5,000; February-proceeds from sale of securities $5,000 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.(a) v Your answer is correct. Prepare schedules for (1) the expected collections from customers. Month January February November 20200 December 112000 28000 January 176000 140800 February 198000 $ 308200 366800 (2) the expected payments for direct materials purchases. Month January February December 62300 January 35400 82600 February 32700 $ 97700 115300Jan Feb Beginning cash balance Add Cash receipts Collection from credit sales Collection of notes receivable Proceeds from sale of securities Total receipts Total available cash Less Disbursements Direct materials Direct labour Manufacturing overhead Selling and administrative expenses Purchase of land Total disbursements Excess of cash available over cash disbursements v Financing Borrowing Less Interest expenses Less Repayment Total financing Ending cash balanceLORCH COMPANY Cash Budget For the Two Months Ending February 28, 2021 Jan Feb Tot v