Relevant data from the Poster Company's operating budgets are: Quarter 1 Quarter 2 Sales $208,470 $211,540 Direct material purchases 115,300 120,831 Direct labor 75,200 73,299 Manufacturing overhead 25,300 25,400 Selling and administrative expenses 33,400 33,400 Depreciation included in selling and administrative 1,600 1,000 Collections from customers 215,392 240,156 Cash payments for purchases 114,295 119,253 Additional data: Capital assets were sold in January for $10,000 and $4,400 in May. Dividends of $4,600 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $60,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster Company Cash Budget For the First Two Quarters Quarter 1 Quarter 2 Beginning Cash Balance Add: Cash Receipts Collections from Customers Other Collections Total Receipts Total Available Cash Less: Cash Payments Purchase of Direct Material Direct Labor LOI 10C Manufacturing Overhead Selling and Administrative Expenses Cash Dividend Total Cash Payments Excess (Deficiency) of Available Cash Over Cash Disbursements Financing Add: Borrowings Less: Repayments Ending cash balance