Problem 23-4A (Part Level Submission) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows January February s426,960 474,400 148,250 118,600 88,950 100,810 Sales Direct materials purchases Direct labor 142,320 106,740 83,020 93,694 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 1,186 of depreciation per month Other data: 1. Credit sales: November 2016, $296,500 December 2016, $379,520 2. Purchases of direct materials: December 2016, $ 118,600 3. Other receipts: January-Collection of December 31, 2016, notes receivable $ 17,790 February-Proceeds from sale of securities $7,116 4. Other disbursements: February-Payment of $ 7,116 cash dividend The company's cash balance on January 1, 2017, is expected to be $ 71,160 . The company wants to maintain a minimum cash balance of $ 59,300