3 Unit 6 Lab Assignment Question 3 of 3 > -/4 View Policies Current Attempt in Progress Crane Company expects to have a cash balance of $ 36,000 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows. Collections from customers: January $68,000, February $ 120,000. Payments for direct materials: January $ 40,000, February $ 60,000. Direct labor: January $ 24,000, February $ 36,000. Wages are paid in the month they are incurred. Manufacturing overhead: January $ 16,800, February $ 20,000. These costs include depreciation of $ 1,200 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $ 12,000, February $ 16,000. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $ 9,600 in cash. Crane Company has a line of credit at a local bank that enables it to borrow up to $ 20,000. The company wants to maintain a minimum monthly cash balance of $ 16,000. Prepare a cash budget for January and February. Unit 6 Lab Assignment Question 3 of 3 CRANE COMPANY Cash Budget January February $ $ V $