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Lorth Company prepares monthly cash budgets Relevant data from operating budgets for 2021 are as follows: Sale Direct materials purchases Direct labour Manufacturing overhead Seling and administrative expenses January $352,000 118.000 85,000 60,000 75.000 February $396,000 109,000 112,000 74,000 79,000 All sales are on account.Lorch expects collections to be 50 in the month of sale 10% 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 followest 1 Credit sales November 2020, 5202.000: December 2020.5280,000 2. Purdues of direct material December 2020. 589.000 3. Other receipts January-collection of December 31, 2020 notes receivable 55.000: February-proceeds from sale of Securities $5.000 Endir The company expects its cash balance on January 1, 2021, to be $50,000. It wants to maintain a minimum cash balance of $40,000 Prepare schedules for (1) the expected collections from customers. January February Month November $ $ December January February 5 (2) the expected payments for direct materials purchases Prepare a canh budget for fanuary and February using columns for each month