Pharoah Company prepares monthly cash budgets. Relevant data from operating budgets for $2023$ are as follows:JanuaryFebruarySales$$357,000$$$404,000$Direct materials purchases$119,000111,000$Direct labour$84,000112,000$Manufacturing overhead$59,00076,000$Selling and administrative expenses$76\mathrm{.}00080,000$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 $2022,$ $$201,000$; December $2022,$ $$277,0002.$ Purchases of direct materials: December $2022,$ $$90,0003.$ Other receipts: January$-$collection of December $31,2022,$ notes receivable $$4,000$; February$-$proceeds from sale of securities$$6\mathrm{.}0004.$ Other disbursements: February$-$payment of $$20,000$ for landThe 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.FebruaryMonthJanuaryNovember$DecemberJanuaryFebruaryPrepare schedules for $1)$ the expected collections from customers$2)$ the expected payments for direct materials purchases$3)$ prepare a cash budget for January and February using columns for each month