Pharoah Company prepares monthly cash budgets. Relevant data from operating budgets for 2023 are as follows: January February Sales $357,000 $404,000 Direct materials purchases 119,000 111,000 Direct labour 84,000 1 12,000 Manufacturing overhead 59,000 76,000 Selling and administrative expenses 76,000 80,000 All sales are on account. Pharoah expects collections to be 50% in the month of sale, 40% in the rst month following the sale, and 10% in the second month following the sale. It pays 30% of direct materials purchases in cash in the month of purchase and the balance due in the month following the purchase. Other data are as follows: 1. Credit sales: November 2022. $201000: December 2022. $277000 Manufacturing overhead 59,000 76,000 Selling and administrative expenses 76,000 80,000 All sales are on account. Pharoah expects collections to be 50% in the month of sale, 40% in the first month following the sale, and 10% in the second month following the sale. It pays 30% of direct materials purchases in cash in the month of purchase and the balance due in the month following the purchase. Other data are as follows: 1. Credit sales: November 2022, $201,000; December 2022, $277,000 2. Purchases of direct materials: December 2022, $90,000 3. Other receipts: January-collection of December 31, 2022, notes receivable $4,000; February-proceeds from sale of securities $6,000 4. Other disbursements: February-payment of $20,000 for land The company expects its cash balance on January 1, 2023, to be $50,000. It wants to maintain a minimum cash balance of $41,000.Prepare schedules for (1) the expected collections from customers. Month January February November $ $ December January February $ $ (2) the expected payments for direct materials purchases. Month January February$ $ (2) the expected payments for direct materials purchases. Month January February December $ $ January February $ $ e Textbook and Media --/1.5 Question Part ScorePrepare a cash budget for January and February using columns for each month. LORCH COMPANY Cash Budget For the Two Months Ending February 28, 2023 Jan Feb $ to