Question 3 Concord Company prepares monthly cash budots Relevant data from a bus for 2017 bolows Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January 5427,00 142,560 106,920 February 5475,200 148,500 118.800 89.100 100,00 All sales are on account Collections are expected to be in the month of sale, 30 in the first month following the sales 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 des paid in the month following the purchase. All other items above are and in the month incurred except for selling and administrative expenses that include $1.188 of depreciation per month Other data: 1. 2. 3. Credit sales: November 2016, 297,000; December 2016, 380,160. Purchases of direct materials: December 2016, $118.000 Other receipts: January Collection of December 31, 2016. notes receivable $17,820; February Proceeds from of securities $7.128 Other disbursements: FebruaryPayment of $7.128 cash dividend 4. The company's cash balance on January 1, 2017, is expected to be 1.200. The company wants to maintain a minimum cash balance of $59,400. Prepare schedules for (1) expected collections from customers and (?) expected payments for direct materials purchases for January and February The company's cash balance on January 1, 2017, is expected to be $71,280. The company wants to maintain a minimum cash balance of $59,400. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Expected Collections from Customers January February November December January February Total collections Expected Payments for Direct Materials January February December January February Total payments