Lorch Company prepares monthly cash budgets. Relevant data from operating budgets for 2021 are as follows: All sales are on account. Lerch expects collections to be 50% in the month of saie. 40% in the first month following the sale. and 10O in the second month following the sale. It pays 30% of direct materials purchases in cash in the month of purchast and the balance cue in the month following the purchase. Other data are as follows: 1. Creditsales: November 2020,5202,000; December 2020,5280,000 2. Purchases of direct materials: December 2020.589,000 3 Other receipts. January-collection of December 31.2020, notes receivable $5.000 - February-proceech trom siin of The company expects its cash balance on January 1,2021, to be $49,000 it wants fo maintain a minimum cath batance of $4000. Prepare schedules for (1) the expected collections from customers. (2) the expected payments for direct materials purchases. eTextbook and Media LORCHCOMPANY Beginning cashbalance Budget Add: Cash receipts For the Two Months Ending February 28,2021 Total avaliatole cash Less: Disbursements Total available cash Less: Disbursements Total disbursements Excess of cash avalable over cash disbursements. Firsancing: Borrowing