Problem 21-4A (Part Level Submission) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: anuaryFebruary Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses $410,400 $456,000 142,500 102,600 114,000 85,500 96,900 136,800 79,800 90,060 All sales are on sale. Sixty percent (60 items above are paid in the month incurred except for selling and administrative expenses that include $1,140 of depreciation per account. Collections are expected to be 50% in the month of sale, 30% in the first month folowing the sale, and 20% in the second month following the h %) of direct mate als purchases are paid in cash in the month of purchase, and the balance due is paid in the month fo owing the purcase. An month. Other data: Credit sales: November 2016, $285,000; December 2016, $364,800. Purchases of direct materials: December 2016, $114,000 1. 2. 3. Other receipts: January-Collection of December 31, 2016, notes receivable $17,100 February-Proceeds from sale of securities $6,840. 4. Other disbursements: February-Payment of $6,840 cash dividend. The company's cash balance on January 1, 2017, is expected to be $68,400. The company wants to maintain a minimum cash balance of s