Sheridan Corporation is projecting a cash balance of $34,200 in its December 31,2021 , balance sheet. Sheridaris schedule of expected collections from customers for the first quarter of 2022 shows total collections of $210,900. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $49.020. Other information gathered for the first quarter of 2022 is sale of equipment $3,420 : direct 1 abor $79,800. manufacturing overhead $39,900, selling and administrative expenses $51,300; and purchase of securities $15,960. Sheridan wants to maintain a balance of at least $28,500 cash at the end of each quarter