Problem 13-4 (Part Level Submission) Swifty Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January $405,360 135,120 101,340 78,820 88,954 February $450,400 140,750 112,600 84,450 95,710 R4 450 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 $1,126 of depreciation per month. Other data: 1. Credit sales: November 2016, $281,500; December 2016, $360,320. 2. Purchases of direct materials: December 2016, $112,600. 3. Other receipts: January-Collection of December 31, 2016, notes receivable $16,890; February-Proceeds from sale of securities $6,756. 4. Other disbursements: February-Payment of $6,756 cash dividend. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Expected Collections from Customers February November 281,500 December 360,320 January February Total collections Expected Payments for Direct Materials January February December January February Total payments