Sales$$352,800$$$392,000$Direct materials purchases$117,600122,500$Direct labor$88,20098\mathrm{.}000$Manufacturing overhead$68\mathrm{.}60073,500$Salling and administrative expenses$77,420$B$3,300$All sales are on account. Collections are expected to be $50\%6$ in the month of sale, $30\%$ in the first month following the sals, 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 tha month incurred except for selling and aoministrative expenses that include $$980$ of depreciation per month.Other data:$1.$ Credit sales: November $2021,$ $$245,000$; Dacember $2021,5313,600\mathrm{.}2.$ Purchases of direct materials: December $2021,$ $$98,000.$Other receipts: January$-$Collection of December $31,2021,$ notes receivable $$14,700$;February$-$Proceeds from sale of securities $$5\mathrm{.}880\mathrm{.}4.$ Other disbursements: February$-$Payment of $$5,880$ cash dividend.The company's cash balance on January $1,2022,$ is expacted to be $$58,800.$ The company wants to maintain a minimum cash balance of $$49\mathrm{.}000.(3)$Prepare schedules for $(1)$ expected collections from customers and $(2)$ expactad payments for direct materials purchases forJanuary and Fabruary,VAUGHN COMPANYSchedule of Expected Collections from CustomersJanuaryFebruaryNovemberDecemberJanuaryFebruaryTotal collectionsVAUGHINCOMPANYSchedule of Expected Payments for Direct MaterialsJanuaryFebruary