Problem 9-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: January February $390,960 130,320 97,740 76,020 85,794 $434,400 135,750 108,600 81,450 92,310 Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 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 $1,086 of depreciation per month Other data: 1. 2. 3. Credit sales: November 2016, $271,500; December 2016, $347,520 Purchases of direct materials: December 2016, $108,600 Other receipts: January-Collection of December 31, 2016, notes receivable $16,290; February-Proceeds from sale of securities $6,516 4. Other disbursements: February-Payment of $6,516 cash dividend The company's cash balance on January 1, 2017, is expected to be $65,160. The company wants to maintain a minimum cash balance of $54,300