View Policies Show Attempt History Current Attempt In Progress Your answer is partially correct Danner Company expects to have a cash balance of $49,050 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $92.650, February $163,500 Payments for direct materials: January $54,500, February $81.750 Direct labor: January $32.700, February $49.050. Wages are paid in the month they are incurred. Manufacturing overhead January $22.890, February $27,250. These costs include depreciation of $1,635 per month. All other overhead costs are paid as incurred Selling and administrative expenses: January $16.350, February $21.800. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $13,000 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $27,250. The company wants to maintain a minimum monthly cash balance of $21.800 Prepare a cash budget for January and February DANNER COMPANY