Sheffield Company prepares monthly cash budgets. Relevant data from operating budgets for 2023 are as follows: January February Sales $349,000 $404,000 Direct materials purchases 119,000 111,000 Direct labour 86,000 111,000 Manufacturing overhead 61,000 74,000 Selling and administrative expenses 74,000 80,000 All sales are on account. Sheffield expects collections to be 50% in the month of sale, 40% in the first month following the sale, and 10% in the second month following the sale. It pays 30% of direct materials purchases in cash in the month of purchase and the balance due in the month following the purchase. Other data are as follows: 1. Credit sales: November 2022, $198,000; December 2022, $282,000 2. Purchases of direct materials: December 2022, $91,000 3. Other receipts: January-collection of December 31, 2022, notes receivable $5,000; February-proceeds from sale of securities $6,000 4. Other disbursements: February-payment of $20,000 for land The company expects its cash balance on January 1, 2023, to be $50,000. It wants to maintain a minimum cash balance of $40,000. (1) the expected collections from customers. Month January November $ December January February $ (2) the expected payments for direct materials purchases. February Month January February December $ $ January February $ $