Problem 9-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: ebrua $408,800 $367,920 22,640 127,750 Direct materials purchases Direct labor 91,980 102,200 acturing overhead 71,540 76,650 Seling and administrative expenses 80,738 86,870 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 lin 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 $1,022 of depreciation per month. Other data Credit sales: November 2016, $255,500; December 2016, $327,040 2. rchases of direct materials: December 2016, $102,200. 3. other receipts: January-Collection of December 31, 2016, notes receivable $15,330 February-Proceeds from le of securities $6,132 Other disbursements: February-Payment of $6,132 cash dividend The company's cash balance on January 1, 2017, is expected to be $61,320. The company wants to maintain a minimum cash balance of $51,100. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February