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Problem 21-4A (Part Level Submission) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2014 are:

January	February
Sales	$403,900	$461,600
Direct materials purchases	126,940	150,020
Direct labor	103,860	115,400
Manufacturing overhead	80,780	86,550
Selling and administrative expenses	91,166	99,244

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 $1,154of depreciation per month. Other data:

1.	Credit sales: November 2013, $300,040; December 2013, $369,280.
2.	Purchases of direct materials: December 2013, $115,400.
3.	Other receipts: JanuaryCollection of December 31, 2013, notes receivable $17,310;
FebruaryProceeds from sale of securities $6,924.
4.	Other disbursements: FebruaryPayment of $5,770cash dividend.

The company's cash balance on January 1, 2014, is expected to be $69,240. The company wants to maintain a minimum cash balance of $57,700.

(a) Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February.

Expected Collections from Customers
January	February
November	$	$
December
January
February
Total collections	$	$

Expected Payments for Direct Materials
January	February
December	$	$
January
February
Total payments	$	$