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. 2. 3. 4. Collections from customers: January $89,700; February $110.000 Payments to suppliers: January $39,800, February $50,400. Direct labour: January $30.200; February $35,200. Wages are paid in the month they are incurred. Manufacturing overhead: January $25,2007 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. 5. 6. Prepare a cash budget for January and February NOVAK COMPANY Cash Budget For 2022 January February