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Sheridan Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January February Sales $410,400 $456,000 Direct materials purchases 136,800 142,500 Direct labor 102,600 114.000 79,800 85.500 Manufacturing overhead Selling and administrative expenses 90.060 96,900 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. Sixty 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 $1.140 of depreciation per month. Other data: DOFOOD.000 Other data 1 2. 3. Credit sales: November 2021. 285,000: December 2021. $364.800 Purchases of direct materials: December 2021.5114.000 Other receipts: January-Collection of December 31, 2021. notes receivable $17.100 February --Proceeds from sale of securities $6,840, Other disbursements: February-Payment of 56.840 cash dividend, 4. The company's cash balance on January 1, 2022, is expected to be $68,400. The company wants to maintain a minimum cash balance of $57.000 Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February SHERIDAN COMPANY Schedule of Expected Collections from Customers January February November December January February Total collections SHERIDANCOMPANY Schedule of Expected Payments for Direct Materials January February December 5 January February Total payments SHERIDAN COMPANY Cash Budget January Fel $ > > > > $