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Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows:
January
February
Sales
$426,960
$474,400
Direct materials purchases
142,320
148,250
Direct labor
106,740
118,600
Manufacturing overhead
83,020
88,950
Selling and administrative expenses
93,694
100,810
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% 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 the month incurred except for selling and administrative expenses that include $1,186 of depreciation per month. Other data:
1.
Credit sales: November 2016, $296,500; December 2016, $379,520.
2.
Purchases of direct materials: December 2016, $118,600.
3.
Other receipts: January-Collection of December 31, 2016, notes receivable $17,790;
February-Proceeds from sale of securities $7,116.
4.
Other disbursements: February-Payment of $7,116 cash dividend.
The company's cash balance on January 1, 2017, is expected to be $71,160. The company wants to maintain a minimum cash balance of $59,300.
Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February.
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