Question 3 of 4 0712 Current Attempt in Progress Crane Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January February Sales $453,600 $504,000 Direct materials purchases 151,200 157.500 Direct labor 113.400 126,000 88,200 94,500 Manufacturing overhead Selling and administrative expenses 99.540 107,100 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%1 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 duels paid in the month following the purchase. All other items above are paid in the month incurred except for selling ar administrative expenses that include $1.260 of depreciation per month. Other data 1 2. 3 Credit sales. November 2021. $315,000, December 2021. $403,200. Purchases of direct materials: December 2021. $126,000 Other receipts. January--Collection of December 31, 2021, notes receivable $18.900; February-Proceeds from sale of securities $7.560 Other disbursements: February -- Payment of $7,560 cash dividend. 4. The company's cash balance on January 1, 2022, is expected to be $75,600. The company wants to maintain a minimum cash balance of $63,000 estion 3 OT 4 0/12 E (b) Prepare a cash budget for January and February incolumnar form CRANE COMPANY Cash Budget January > Han allannan halalano il >