whats is the beginning cash balance of February to compute the Cash Budget. Explain

Pharoah Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January Sales $324,000 February $360,000 112,500 108,000 81,000 90,000 Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 63,000 67.500 71,100 76,500 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 $ 900 of depreciation per month. Other data: 1. 2. 3. Credit sales: November 2021, $ 225,000: December 2021, $ 288,000, Purchases of direct materials: December 2021. $ 90,000 Other receipts: January-Collection of December 31, 2021, notes receivable $ 13,500; February--Proceeds from sale of securities $5,400. Other disbursements: February--Payment of $5,400 cash dividend. 4. The company's cash balance on January 1, 2022, is expected to be $ 54,000. The company wants to maintain a minimum cash balance of $ 45,000 Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February Expected Collections from Customers January February November 45000 $ O December 86400 57600 January 162000 97200 February 0 180000 Total collections 293400 334800 Expected Payments for Direct Materials January February December 36000 0 January 64800 43200 February 0 67500 Total payments $ 100800 110700 Prepare a cash budget for January and February in columnar form PHAROAH COMPANY Cash Budget For the Two Months Ending February 28, 2022 January Febru $ 54,000 $ Beginning Cash Balance Add 8 Receipts 293400 Collections from Customers 13,500 Notes Receivable 0 Sale of Securities 306900 Total Receipts 360900 Total Available Cash Less: Disbursements 100800 Direct Materials 81.000 Direct Labor 63000 i Manufacturing Overhead