Crane Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. All sali reon account. Collections are expected to be 50% in the month of sale. 30% in the first month following the sale, and 20% in the se. id month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the b: ice due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and adinir rative expenses that include $1,060 of depreciation per month. 4. Other disbursements: February-Payment of $6,360 cash dividend. The company's cash balance on January 1,2022 , is expected to be $63,600. The company wants to maintain a minimum cash balance of $53,000. (a) Your answer is correct. Pre: eschedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for Jan y and February. January February CRANECOMPANY Schedule of Expected Payments for Direct Materials For the Two Months Ending February 28, 2022 February December $ $ January 76320 50880 February tal payments $ 118720 $ 130,380 Cash Badget. Jamuary 5 February 5 $ Crane Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. All sali reon account. Collections are expected to be 50% in the month of sale. 30% in the first month following the sale, and 20% in the se. id month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the b: ice due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and adinir rative expenses that include $1,060 of depreciation per month. 4. Other disbursements: February-Payment of $6,360 cash dividend. The company's cash balance on January 1,2022 , is expected to be $63,600. The company wants to maintain a minimum cash balance of $53,000. (a) Your answer is correct. Pre: eschedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for Jan y and February. January February CRANECOMPANY Schedule of Expected Payments for Direct Materials For the Two Months Ending February 28, 2022 February December $ $ January 76320 50880 February tal payments $ 118720 $ 130,380 Cash Badget. Jamuary 5 February 5 $