Problem 9-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: JANUALY FebaARY ar $403,200$448,000 140,000 112,000 84,000 95,200 Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 134,400 100,800 78,400 88,480 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 $1,120 of depreciation per month. Other data: 1. Credit sales: November 2016, $280,000; December 2016, $358,400 2. Purchases of direct materials: December 2016, $112,000 3. Other receipts: January-Collection of December 31, 2016, notes receivable $16,800 February-Proceeds from sale of securities $6,720. Other disbursements: February-Payment of $6,720 cash dividend. 4. The company's cash balance on January 1, 2017, is expected to be $67,200. The company wants to maintain a minimum cash balance of $56,000. Prepare the following for the month of January: Cash Collections from Customers Budget Cash disbursement for Purchases Budget Cash Budget