Problem 21-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: January February $370,800 123,600 92,700 72,100 81,370 $412,000 128,750 103,000 77,250 87,550 Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 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 $1,030 of depreciation per month Other data 1. Credit sales: November 2016, $257,500 December 2016, $329,600 2. Purchases of direct materials: December 2016, $103,000 3. Other receipts: January-Collection of December 31, 2016, notes receivable $15,450; February-Proceeds from sale of securities $6,180 4. Other disbursements: February-Payment of $6,180 cash dividend The company's cash balance on January 1, 2017, is expected to be $61,800. The company wants to maintain a minimum cash balance of $51,500