Waterway Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January February Sales $460,800 $512,000 Direct materials purchases 153,600 160,000 Direct labor 115,200 128,000 Manufacturing overhead 89,600 96,000 Selling and administrative expenses 101,120 108,800 All sales are on account. Collections are expected 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 $1,280 of depreciation per month. Other data: 1. Credit sales: November 2021, $320,000; December 2021, $409,600. 2. Purchases of direct materials: December 2021, $128,000. 3. 4. Other receipts: January-Collection of December 31, 2021, notes receivable $19,200; February-Proceeds from sale of securities $7,680. Other disbursements: February-Payment of $7,680 cash dividend. The company's cash balance on January 1, 2022, is expected to be $76,800. The company wants to maintain a minimum cash balance of $64,000. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. November December WATERWAY COMPANY Schedule of Expected Collections from Customers January February Total collections January February WATERWAYCOMPANY Schedule of Expected Payments for Direct Materials January December $ January February Total payments $ $ February Prepare a cash budget for January and February in columnar form WATERWAY COMPANY Cash Budget January February $