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Relevant data from the Poster Company's operating budgets are: Quarter 1 Quarter 2 Sales $208,370 $211,110 Purchases of direct materials $114,325 $ 119,268 Direct labor
Relevant data from the Poster Company's operating budgets are: Quarter 1 Quarter 2 Sales $208,370 $211,110 Purchases of direct materials $114,325 $ 119,268 Direct labor $75,200 $73,298 Manufacturing overhead $25,300 $25,300 Selling and administration expenses $33,500 $33,500 Depreciation included in selling and administration $2,000 $1,250 Collections from customers $215,392 $240,155 Additional data: Capital assets were sold in January for $10,000 and $4,500 in May. Dividends of $4,500 were paid in February. The beginning cash balance was $60,359 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the year. Round to the nearest dollar. List receipts and payments from the table first then from the additional data, in the order listed
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