Oriole Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January February Sales $374,400 $416,000 124.800 130.000 93.600 104.000 Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 72,800 78,000 82,160 88,400 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 20% in the second month following the sale. Sixty percent (60%) of direct 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 except for selling and administrative expenses that include $1,040 of depreciation per month. Other data: 1 2. 3. Credit sales: November 2021. $260.000: December 2021.5332.800. Purchases of direct materials: December 2021. $104.000. Other receipts: January-Collection of December 31, 2021, notes receivable $15,600; February-Proceeds from sale of securities $6.240. Other disbursements: February--Payment of 56,240 cash dividend. 4 The company's cash balance on January 1, 2022, is expected to be $62.400. The company wants to maintain a minimum cash balance of $52.000 ORIOLE COMPANY Schedule of Expected Collections from Customers January February November $ $ December January February Total collections $ ORIOLECOMPANY Schedule of Expected Payments for Direct Materials January February December $ $ January February Total payments $ $ TES Prepare a cash budget for January and February incolurnar form. ORIOLE COMPANY Cash Budget January > > IN V LOLA