Yancey has $12,000 in cash on hand on January 1 and has collected the following budget d (Click on the leon to view the budget data) Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Yancey has cash payments for selling and administrative expenses including of $50,000 per are 1% of sales, all paid in the month of sale. The company requires a minimum cash balance of $5,000. Prepare a cash budget for January and February. Round to the nearest der Will Yancey need to bomow Begin by preparing the cash budget for January, then prepare the ca Yancey Company Cash Budget Two Months Ended January 31 and February 28 January Beginning cash balance Cash Cash available Cash payments: Purchases of deest materials Direct labor Manufacturing overhead Selling and administrative expenses Total cash payments Ending cash balance before 5 nancing Data Tabie Sales Cash receipts from customers Cash payments for direct materials purchases Direct labor costs Manufacturing overhead costs (includes depreciation of $1,200 per month) Pent Done January February $532,000 $500,000 445,100 502.000 17948 161,104 135130 113.238 55429 51332 p by the end of February