RACK Exercise 9-14 (Video) Danner Company expects to have a cash balance of $49.500 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows Collections from customers: January 593,500, February $165,000 Payments for direct materials: January $55,000, February $82,500 Direct labor: January $33,000, February $49,500. Wages are pard in the month they are incred Manufacturing overhead: January 23,100, February $27.500. These costs include depreciation of $1,650 per month. All other overhead costs are pas incurred Selling and administrative expenses: January 16,500, February 22,000. These costs we exclusive of depreciation. They are pads incurred Sales of marketable securities in January are expected to realize $13.00 inch Damer Company has a line of credit at a local bank that enable to brow up to $27.500. The company wants to maintain minimum monthly cash balance of $22,000. Prepare a cash budget for January and February DANNER COMPANY DANNER COMPANY Cash Budget January February