Problem 13-4 (Part Level Submission) Monty Company prepares monthly cash budgets. Relevant data from operating budget for 2017 are as follows: $448.000 Direct $403,200 134.400 100.800 Direct labor Manufacturing overhead Selling and administrative expenses 112 000 84,000 95 200 8.480 All sales are on acount. 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 the month following the purchase. All other temabove are paid in the month incurred except for sing and ministrative expenses that include 1.120 of depreciation per month Other data 1 Credit sales November 2016, 1200,000: December 2016. 135,400 2. Purchases of direct materials: December 2016, $112.000 3. Other receipts: January-Collection of December 31, 2016. notes receivable $16.800 February-Proceeds from sale of securities 6.720 4. Other disbursements: February-Payment of $6.720 cash dividend The company's cash balance on January 1, 2017, expected to be $67,200. The company wants to maintain a minimum balance of $50,000 (b) Prepare a cash budget for January and February in columnar form. (Do not leave any answer field blank. Enter o for amounts.) MONTY COMPANY Cash Budget January February