Problem 24-04A a-b (Video) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows January February Sales $381,600 127,200 95,400 74,200 83,740 $424,000 132,500 106,000 79,500 90,100 Direct materials purchase:s 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 $1,060 of depreciation per month Other data: 1. Credit sales: November 2019, $265,000; December 2019, $339,200 2. Purchases of direct materials: December 2019, $106,000 3. Other receipts: January-Collection of December 31, 2019, notes receivable $15,900; February-Proceeds from sale of securities $6,360 4. Other disbursements: February-Payment of $6,360 cash dividend The company's cash balance on January 1, 2020, is expected to be $63,600. The company wants to maintain a minimum cash balance of $53,000 Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Expected Collections from Customers JanuaryFebruary November December anuary February Total collections Expected Payments for Direct Materials January February December January February Total payments Prepare a cash budget for January and February in columnar form COLTER COMPANY Cash Budget January February