Sheridan Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January February Sales $316,800 $352,000 105,600 110,000 79,200 88,000 Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 61,600 66,000 69.520 74,800 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 except for selling and administrative expenses that include $880 of depreciation per month Other data: 1. 2. 3. Credit sales: November 2021. $220,000, December 2021, $289,600 Purchases of direct materials: December 2021.988,000. Other receipts: January-Collection of December 31, 2021. notes receivable $13,200, February Proceeds from sale of securities $5,280 Other disbursements: February-Payment of $5,280 cash dividend. 4. The company's cash balance on January 1, 2022, is expected to be 552,800. The company wants to maintain a minimum cash balance of $44,000 SHERIDAN COMPANY Schedule of Expected Collections from Customers January February $ November December January February Total collections $ SHERIDANCOMPANY Schedule of Expected Payments for Direct Materials January February December January February Total payments $ Prepare a cash budget for January and February in columnar form. SHERIDAN COMPANY Cash Budget January Feb $ $ >> C > 5 > C