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Ch 22: Homework Agent G ebook, Yuur rude is being recorded Sun, Apr 2017, 11:32 PM Amica New York D CI Question 3 View Policies Current Attempt in Progress Colter Company prepares monthly cash budgets. Relevant data frani operating budgets for 2020 are as fallaws. January February Sales $450,000 $500,000 Direct materials purchases 150.000 156,250 Direct labor 112.500 125.000 Manufacturing averhead 87,500 93,750 Selling and administrative experies 93.750 106,250 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 (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 axcept for selling and administrative expenses that include $1,250 of depreciation per month. Other data: 1. Credit salcs: November 2019,$312 500: December 2019 $400,000 2. Purchases of direct materials: December 2019, $125.000 3. Other receipts: January-Collection of December 31, 2019, notes receivable $18.750 February-Proceeds from sale of securities $7,500 4 Other disbursements: February-Payment of $7.500 cash dividend The company's cash balance on January 1, 2020. is expected to be $75,000. The company wants to maintain a minimum cash balance of 562,500 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 Navember 62500 5 December January February Total collections Expected Payments for Direct Materials January February December January February Total payments $ e Textbook and Media Save for Later Attempts:0 of 5 used Subunit. Anewer The parts of this question must be complcted in order. This part will be available when you complete the part above