Vaughn Company expects to have a cash balance of $55,800 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows. Collections from customers: January $105,400, February $186,000. Payments for direct materials: January 562,000, February $93,000 Direct labor: January $37,200. February $55,800. Wages are paid in the month they are incurred. Manufacturing overhead: January $26,040. February $31,000. These costs include depreciation of $1,860 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $18,600, February $24,800. These costs are exclusive of depreciation. They are paid as incurred Sales of marketable securities in January are expected to realize $14,880 in cash. Vaughn Company has a line of credit at a local bank that enables it to borrow up to $31,000. The company wants to maintain a minimum monthly cash balance of $24800, Prepare a cash budget for January and February VAUGHN COMPANY Cash Budget For the Two Months Ending February 28, 2022 January Februar Beginning Cash Balance Add Receipts Add : Receipts Collections from Customers Sale of Marketable Securities Total Receipts 13 Total Available Cash Disbursements Direct Materials Direct Labor Minutacturine Overhead Selling and Administrative Expenses Total Disbursements Excess (Deficiency of Avaliable Cash Over Cun Disbursements Financing Add Borrowings Repayments Ending Cash Balance