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Cheyenne Company prepares monthly cash budgets. Relevant data from operating budgets for Total collections 2017 are as follows: January February Expected Payments for Direct Materials Sales $416,160 $462,400 January February Direct materials purchases 138,720 144,500 Direct labor 104,040 115,600 December Manufacturing overhead 80,920 86,700 Selling and administrative expenses 91,324 January 98,260 February 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 Total payments (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 $1,156 of depreciation per month. Other data: 1. Credit sales: November 2016, $289,000; December 2016, $369,920. Purchases of direct materials: December 2016, $115,600. m Other receipts: January-Collection of December 31, 2016, notes receivable $17,340; February-Proceeds from sale of securities $6,936. 4. Other disbursements: February-Payment of $6,936 cash dividend. The company's cash balance on January 1, 2017, is expected to be $69,360. The company wants to maintain a minimum cash balance of $57,800. Your answer is partially correct. Try again. 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 289000 December January February