PAG. LO 7.3 Relevant data from the Poster Company's operating budgets are: Quarter 1 $208,470 115.295 75,205 25,300 33,500 Quarter 2 $211,539 120,832 73,299 25,300 33,500 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 1,500 1,000 215,392 114,295 240,155 119,253 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