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Current Attempt in Progress Crane Compary prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. 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 $1,060 of depreciation per month. Other data: 1. Credit sales: November 2021, \$265,000; December 2021, $339,200. 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 $1,060 of depreciation per month. Other data 1. Credit sales: November 2021,$265,000; December 2021,$339,200. 2. Purchases of direct materials. December 2021,$106,000. 3. Other receipts: January-Collection of December 31.2021 , notes receivable $15.900; February-Proceeds from sale of securities $6,360. 4. Other disbursements: February-Payment of $6,360 cash dividend. The company's cash balance on January 1, 2022, is expected to be $63,600. The company wants to maintain a minimum cash balance of $53,000. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Prepare schedules for \{1\} expected collections from customers and (2) expected payments for direct materials purchases for January and February. Prepare a cash budget for January and February in columnar form. Prepare a cash budget for January and February in columnar form. Question 7 of 7 120 CRANE COMPANY Cash Budzet February $ Question 7 of 7 120 0: 0 Question 7 of 7 /20