PAG. LO 7.3 Relevant data from the Poster Company's operating budgets are: Sales Direct material purchases Direct labor Manufacturing overhead Selling and administration expenses Depreciation included in selling and administration Collections from customers Cash payments for purchases Quarter 1 $208,470 115,295 75,205 25,300 33,500 Quarter 2 $211,539 120,832 73,299 25,300 33,500 1,500 215,392 114,295 1,000 240,155 119,253 Additional data: Capital assets were sold in January for $10,000 and $4,500 in May. Dividends of $4,500 were paid in February. The beginning cash balance was $60,359 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the year