Question 3 of 4 -/15 = Sheridan Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. February Sales January $331.200 $368.000 Direct materials purchases 110.400 115.000 Direct labor 82.800 92.000 Manufacturing overhead 64.400 69.000 Selling and administrative expenses 72680 78.200 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 Sexty percent (of direct material purchases 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 sell and administrative expenses that include 5920 of depreciation per month Other data 1 Credits November 2021.5230.000: December 2021. $294.400 Purchases of material December 2021.592.000 etv A W ? /S III administrative expenses that include 5920 of depreciation per month Other data 1. 2 3 Credit sales: November 2021, 5230.000: December 2021. $294.400 Purchases of direct materials December 2021.592.000 Other receipt asy--Collection of December 31, 2021, notes receivable $13.000 February-Proceeds from sale of securities 55.520 Other disbursements February Payment of 55.520canh dividend. 4 The company icons betweet' on January 1, 2022, expected to be $55.200 The company wants to maintain a minimum can tatance of 546.000 tv W? Question 3 of 4 -/15 E Prepare a cash budget for January and February in colomar form SHERIDAN COMPANY Cash Budget January Febr ty W? Question 3 of 4