I also need excel formulas which will be used for this question

Problem Lala's Company prepares monthly cash budgets. Relevant data from operating budgets are: Sales Direct material purchases Direct labour Manufacturing overhead Selling and admin expenses $ $ $ $ $ January 380,000 $ 120,000 $ 90,000 $ 65,000 $ 70,000 $ February 360,000 125,000 100,000 70,000 75,000 All sales are on account. Collections are expected to be as follows: in the month of sale in the first month in the second month after sale 65% 25% 10% The purchases of direct materials are expected to be made as follows: in the month of purchase in the month after purchase 25% 75% All other items are paid for in the month of purchase Other data: November December January $ 180,000 $ 290,000 $ $ $ 85,000 $ - February $ $ - Credit Sales Direct material purchases Other receipts: interest receivable sale of securities Other payments: payment for land $ $ $ $ $ $ 2,000 $ $ 6,000 $ los $ $ 30,000 The company's cash balance on january 1: Minimum cash balance $ $ 55,000 50,000 REQUIRED: i. Prepare schedules for (1) collections from customers and (2) payments for direct materials ii. Prepare a cash budget for January and February directions: Use the separate spreadsheets tabs for your tables. Use formulae rather than calculators (ASSESSABLE) Make your reports presentable to management