Problem 23-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses $370,800 123,600 92,700 72,100 81,370 $412,000 128,750 103,000 77,250 87,550 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the rst month ollowing he sale, and 20% in the second month ollowing the sale. Sixty percent 60% o direct materials purchases are paid in cash in the month o 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 $1,030 of depreciation per month. Other data: 1. 2. 3. Credit sales: November 2016, $257,500; December 2016, $329,600 Purchases of direct materials: December 2016, 103,000 Other receipts: January-Collection of December 31, 2016, notes receivable $15,450; February-Proceeds from sale of securities $6,180 4. Other disbursements: February-Payment of $6,180 cash dividend. The company's cash balance on January 1, 2017, is expected to be $61,800. The company wants to maintain a minimum cash balance of $51,500 Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February Expected Collections from Customers Janua Febr December anuary February Total collections Expected Payments for Direct Materials Janu Februa December January February Total payments $ LINK TO TEXT