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Current Attempt in Progress Concord Company prepares monthly cash budgets: Relevant data from operating budgets for 2022 are as follows All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the batance due is pald in the month following the purchase. Alt other items above are pisid in the monthincurred except for selling and administrative expenses that include $860 of depreciation per month. Other data: 1. Credit sales: November 2021, \$215,000; December 2021, \$275,200. 2 Purchases of direct materiale December 2021,586,000 3. Other receipts: Januan-Collection of December 31, 2021, notes receivable $12,900; Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. CONCORDCOMPANY All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $860 of depreciation per month. Otherdata: 1. Credit sales: November 2021I\$\$215,000; December 2021, $275,200. 2. Purchases of direct materials December 2021,$86,000 3. Other receipts: January-Collection of December 31,2021, notes recelvable \$12,900, February-Proceeds from sale of securities $5,160 4. Other disbursements: Fetruary-Payment of $5,160 ach dividend The company's cach balance on January 1, 2022, is expected to be $51,600. The company wants to maintain a minimum cash baiance of $43,000