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Ch 9 - Homework Question 3 of 7 -/2 = 1 View Policies Current Attempt in Progress Sheffield Company expects to have a cash balance of $56,700 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows. Collections from customers: January $107,100, February $189,000. Payments for direct materials: January $63,000, February $94,500. Direct labor: January $37,800, February $56,700. Wages are paid in the month they are incurred. Manufacturing overhead: January $26,460, February $31,500. These costs include depreciation of $1,890 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $18,900, February $25,200. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $15,120 in cash. Sheffield Company has a line of credit at a local bank that enables it to borrow up to $31,500. The company wants to maintain a minimum monthly cash balance of $25,200. Prepare a cash budget for January and February. Ch 9-Homework Question 3 of 7 minimum monthly cash balance of $25.200 Prepare a cash budget for January and February O 0 O SHEFFIELD COMPANY Cash Budget D 0 0 0 0 O 0 O O D O $ -12 O January 1 estion 3 of 7 SHEFFIELD COMPANY Cash Budget () O ( (> O O ( O O O C ( O O O 0 January 11 S -/2 = : February