Problem 9-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2014 are: anua ebru Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses $382,200 120,120 98,280 76,440 86,268 $436,800 141,960 109,200 81,900 93,912 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 $1,092 of depreciation per month Other data: 1. 2. 3. Credit sales: November 2013, $283,920; December 2013, $349,440 Purchases of direct materials: December 2013, 109,200 Other receipts: January-Collection of December 31, 2013, notes receivable $16,380; February-Proceeds from sale of securities 6,552 4. Other disbursements: February Payment of $5,460 cash dividend The company's cash balance on January 1, 2014, is expected to be $65,520. The company wants to maintain a minimum cash balance of 54,600