Problem 9-4A (Part Level Submission) (Video) Colte Company prepare monthly cash budgets. Relevant data from operating budget for 2020 are as follow January February 5417,600 5464,000 Direct material purchase 1.39,200 145,000 Dired labor 104,400 116,000 Manufacturing overhead 81,200 87,000 Salling arid adminimalini palan 91,640 98,500 All sales are an 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 dus 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 51,160 of depreciation per month Our data Credit Sales November 2019, $200,000, December 2019, $371,200. 2 Purchases of direct materials: December 2019, $116,000. 2. Other recupts: January Collection of December 31, 2019, receivable 517,400; February from sale of 56,060. 4. Other disbursements: February--Payment of 56,960 casi dividend. The company's cash balance on January 1, 2020, is expected to be $69,500. The company wants to maintain a minimum cash balance of 558,000. 2 Prepare schedules for (1) expected collections from customers and (2) expected payments for direct material purchases for January and February Expected Collections from Customers January February November $ January February Total collection Expected Payments for Direct Materials January February De January February Total payments