Question 3 of 4 View Policies Show Attempt History < > Current Attempt in Progress Your answer is partially correct Lily Company expects to have a cash balance of $49.500 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows Collections from customers: January $93.500, February $165,000 Payments for direct materials: January $55.000. February $82.500. Direct labor: January $33.000, February $49.500 Wages are paid in the month they are incurred. Manufacturing overhead: January $23,100, February $27.500. These costs include depreciation of $1.650 per month. All other overhead costs are paid as incurred Selling and administrative expenses January $16,500, February $22,000. These costs are exclusive of depreciation. They are paid as incurred 20.5/25 Sales of marketable securities in January are expected to realize $13,200 in cash. Lily Company has a line of credit at a local bank that enables it to borrow up to $27,500. The company wants to maintain a minimum monthly cash balance of $22,000. Prepare a cash budget for January and February LILY COMPANY Cash Budget For the Twe Maths Ending February 28, 2002 January Marbook An February