Please assist by answering the following solution on the attached spreadsheet. Thanks in advance.

This is a comprehensive problem all contained on this spreadsheet tab. Cash Budget Below is summary monthly income statement data for Ace Manufacturing Company. Sales revenue Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January 250,000 60,000 88,000 50,000 45,000 February 275,000 70,000 95,000 52,000 46,000 All sales are on account, and history has shown that 40% of sales is expected to be collected in the month of the sale, with 60% Direct materials are paid 50% in the month of purchase and 50% the following month. All other expenses are paid as incurred. costs (depreciation has already been eliminated). Other data: 1. December sales were $230,000. 2. Purchases of direct materials purchased in December were $50,000. 3. The company has interest payments due of $5,000 per month. 4. The cash balance on January 1 was $15,000. Instructions A. Prepare schedules for expected collections from customers and expected payments for direct materials purchases. B. Prepare a cash budget for January and February. n the month of the sale, with 60% collected the following month. er expenses are paid as incurred. All costs shown are cash-based ect materials purchases