Problem 21-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: February January Sales $427,680 $475,200 Direct mateials purchases 142,560 148,500 Direct labon 106,920 118,800 Manufacturing overhead Selling and administrative expenses 83,150 93,852 00,980 sales are on account. Collections are expected to be 50% In the month of sale, 30% the first month following the sale, and 20% In the second month following the sale. Sixty percent (60% ) of direct materlals purchases are the month incurred except for selling and administrative expenses that include $1,188 of purchase, and the balance due is paid in the month following the purchase. All other items above are paid i intion DeF month Other data: Credit sales: November 2016, $297,000; December 2016, $380,160. 1. Purchases of direct materials: December 2016, 5118,800. Other receipts: January-Collection f December 31, 2016, notes recelvable $17,820; February-Proceeds from sale securities $7,128. Other disbursements: February-Payment f $7,128 cash dividend. 4. s59.400. company's cash balance o January is expected to be 80. maintain a minimum balance company wants Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Expected Collections from Customers January February November December January February Total collections Expected Payments for Direct Materials February January December January February Total payments Prepare a cash budget for January and February in columnar form. (Do not leave any answer field blank. Enter 0 for amounts.) COLTER COMPANY Cash Budget February January