Exercise 23-14 Your answer is partially correct. Try again. Danner Company expects to have a cash balance of $55,620 on January 1, 2017. Relevant monthly budget data for the first 2 months of 2017 are as follows: Collections from customers: January $105,060, February $185,400. Payments for direct materials: January $61,800, February $92,700 Direct labor:January 37,080, February $55,620, wages are paid in the month they are incurred Manufacturing overhead: January $25,956, February $30,900. These costs include depreciation of $1,854 per month. All other overhead costs are paid as incurred Selling and administrative expenses:January $18,540, February $24,720. These costs are exclusive of depreciation. They are paid as incurred Sales of marketable securities in January are expected to realize $14,832 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $30,900 The company wants to maintain a minimum monthly cash balance of $24,720