XYZ Company's budgeted for 1st quarter 2017 are as follows Sales Direct Labor Direct Material Purchases Manufacturing Overhead January $100,000 $15,000 $12,000 $9,000 February $120,000 $18,000 $14,400 $10,800 March $125,000 $19,000 $15,200 $17,100 The January 1, 2017, cash balance XYZ Company is expected to be $25,000 and wishes to maintain a balance of at least $20,000. Sales 50% are collected in the month sold and 50% are collected in the following month. In February, sales of marketable securities are expected to realize $5,000 in cash. For direct material 35% are paid in the quarter purchased and 65% are paid in the following month. Wages and manufacturing overhead is paid in the month incurred, which manufacturing overhead includes depreciation of $1,000 per month. XYZ Company's purchase of a truck in February for $15,000 cash. Selling and administrative expenses are $20,000 in January with 10% increased each month. These costs are exclusive of depreciation and paid as incurred. XYZ Company also estimated $6,000 as first quarter income taxes. Instructions (a) Prepare the following schedules for each month in the first quarter of 2017 and for the quarter in total: (1) Expected collections from customers. 5 Poin (2) Expected payments for direct materials. 5 Poin (b) Prepare a monthly cash budget for 1st quarter 2017. 10 Poin