TeW Holicies urrent Attempt in Progress Ivanhoe Company expects to have a cash balance of $48.600 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows. Collections from customers: January $91,800, February $162,000. Payments for direct materials: January $54,000, February $81,000 Direct labor: January $32,400, February $48,600. Wages are paid in the month they are incurred. Manufacturing overhead: January $22,680, February $27,000. These costs include depreciation of $1,620 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $16,200, February $21.600. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $12.960 in cash. Ivanhoe Company has a line of credit at a local bank that enables it to borrow up to $27,000. The company wants to maintain a minimum monthly cash balance of $21,600. Prepare a cash budget for January and February Question 22 of 30 - / 10 January Febru $ to search BA E