dicements CALCULATOR PRINTER VERSION oblem 9-4A (Part Level Submission) (Video) biter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows January February $435,600 $484,000 Direct materials purchases 145,200 151,250 Direct labor 108,900 121,000 Manafacturing overhead 84,700 90,750 Selling and administrative expenses 95,590 102,850 Sales All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sexty percent (60%) of direct materials purchases are paid in 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 $1,210 of depreciation per month Other data 1. Credit sales: November 2019, $302,500; December 2019, 5387,200 2. Purchases of direct materials: December 2019, 5121,000 3. Other receipts: January-Collection of December 31, 2019, notes receivable $18,150, February-Proceeds from sale of securities $7,260 4. Other disbursements: February - Payment of $7,260 cash dividend. The company's cash balance on January 1, 2020, is expected to be $72,600. The company wants to maintain a minimum cash balance of $60,500 Your answer is correct Prepare schedules for (1) expected collections from customers and (2) expected payments for drest materials purchases for Sanuary and February Expected Collection from Customers CALCULATOR (b) Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget January February