URTEGIS (ACC 20 CALCULATOR STANDARD VIEW INTER VERSION BACK Danner Company expects to have a cash balance of 545,000 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January 585,000, February $150,000 Payments for direct materials: January 550,000, February $75,000 Direct labor: January 30,000, February $45,000. Wages are paid in the month they are incurred. Manufacturing overhead: January 21,000, February 525,000. These costs include depreciation of $1,500 per month. All other overhead costs are paid as incurred. Selling and administrative expenses January $15,000, February $20,000. These costs are exclusive of depreciation. They are paid as incurred Sales of marketable securities in January are expected to rele 512.000 in cash. Danner Company has a line of credit at a local bank that enables it to borrow $25.000. The company wants to maintain a minimum monthly cash balance of $20,000 Prepare a cash budget for January and February to DANNER COMPANY Cash Budget January February