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Metlock Company expects to have a cash balance of $44,500 on January 1, 2022. Metlock has budgeted the following for the first two months of the year 2022:
1. Collections from customers: January $89,600; February $110,400.2. Payments to suppliers: January $39,600; February $49,900.3. Direct labour: January $29,900; February $34,700. Wages are paid in the month they are incurred.4. Manufacturing overhead: January $25,100; February $30,300. Overhead costs are paid as incurred.5. Selling and administrative expenses: January $16,100; February $22,100. These costs do not include depreciation and they are paid as incurred.6. Sales of investments in January are expected to realize $10,100 in cash. Metlock Company wants to keep a minimum monthly cash balance of $20,000. Ignore any interest on amounts borrowed.
Problem 1: Prepare a cash budget for January and February.
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