STANDARD VEEW CES PRINTER VERSsiON BACK NEXT Problem 13-4 (Part Level Submission) Sheffield Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: January February Sales $381,600 $424,000 Direct materials purchases 127,200 132,500 Direct labor 95,400 106,000 Manufacturing overhead Selling and administrative expenses 79,500 74,200 83,740 90,100 dy All sales are on account. Collections are explected 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 $1,060 of depreciation per month. Other data: Credit sales: November 2016, $265,000; December 2016, $339,200- 14 Purchases of direct materials: December 2016, $106,000 2. Other receipts: January-Collection of December 31, 2016, notes receivable $15,900 3. February-Proceeds from sale of securities $6,360. Other disbursements: February-Payment of $6,360 cash dividend 4. The company's cash balance on January 1, 2017, is exxpected to be $63,600. The company wants to maintain a minmum cash baiance of $53,000 ded to be $63,600. The company wants to maintain a minimum cash balance of $53,000. (a) Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materiais purchases for January and February. Expected Collections from Customers January February November $ December January February Total collections Expected Payments for Direct Materials February January December January February Total payments VIDEO: SIMILAR PROBLEM VIDEO: SIMILAR PROBLEM LINK TO TEXT tial Policy set by your instructor