Your answer is partially correct. Try again Danner Company expects to have a cash balance of $59,040 on January 1, 2017. Relevant monthly budget data for the first 2 months of 2017 are as follows. Collections from customers: January $111,520, February $196,800. Payments for direct materials: January $65,600, February $98,400. Direct labor: January $39,360, February $59,040. Wages are paid in the month they are incurred Manufacturing overhead: January $27,552, February $32,800. These costs include depreciation of $1,968 per month. All other overhead costs are paid as incurred Selling and administrative expenses: January $19,680, February $26,240. These costs are exclusive of depreciation. They are paid as incurred Sales of marketable securities in January are expected to realize $15,744 in cash. Danner Company has a line of credit at a local bank that enables it to borrow up to $32,800. The company wants to maintain a minimum monthly cash balance of $26,240. Prepare a cash budget for January and February. (Do not leave any answer field blank. Enter 0 for amounts.) For the Two Months Ending February 28, 2017 January February 59040 36080 Beginning Cash Balance Add Receipts Collections from Customers 111520 196800 Sale of Marketable Securities 15744 196800 Total Receipts 127264 Disbursements Direct Materials Direct Labor Manufacturing Overhead Selling and Administrative Expenses Total Disbursements Total Disbursements Excess (Deficiency) of Available Cash Over Cash Disbursements Total Available Cash Financing Add Borrowings Ending Cash Balance 36080 26240 Open Show Work Click if you would like to Show Work for this