ACC-240 TOPIC 06 ASSIGNMENT Question 3 of 4 < > Sheridan Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows January February Sales $331,200 $368,000 Direct materials purchases 110,400 115.000 Direct labor 82.800 92.000 Manufacturing overhead 64,400 69.000 Selling and administrative expenses 72.680 78.200 75/15 All sales are on account. Collections are expected to be 50% in the month of sale 30 in the Nest month following the sale and 20% the second month following the sale. Sixty percent (60%) of direct materials purchas 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 $920 of depreciation per month Other data Credit sales: November 2021, $230.000 December 2021, $294,400 Purchases of direct materials: December 2021.592,000 Updat