Novak Company expects to have a cash balance of $45,500 on January 1, 2022. Novak has budgeted the following for the first two months of the year 2022: 1. Collections from customers: January $89,700, February $110,000. 2. Payments to suppliers: January $39,800: February $50,400. 3 Direct labour: January $30,200: February $35,200. Wages are paid in the month they are incurred. 4. 5 6. Manufacturing overhead: January $25.200: February $30,300. Overhead costs are paid as incurred. Selling and administrative expenses: January $16,200. February $22.200. These costs do not include depreciation and they are paid as incurred Sales of Investments in January are expected to realize $10,100 in cash. Novak Company wants to keep a minimum monthly cash balance of $20,000, Ignore any interest on amounts borrowed. Prepare a cash budget for January and February NOVAK COMPANY Cash Budget For 2022 January February