Crane Company prepares monthly cash budgets. Relevant data from operating budgets for 2022 are as follows. January Febru

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Crane Company prepares monthly cash budgets. Relevant datafrom operating budgets for 2022 are as follows.
January
February
All sales are on account. Collections are expected to be 50% in themonth of sale, 30% in the first month following the sale, and 20%in the second month following the sale. Sixty percent (60%) ofdirect materials purchases are paid in cash in the month ofpurchase, and the balance due is paid in the month following thepurchase. All other items above are paid in the month incurredexcept for selling and administrative expenses that include$1,260 of depreciation per month.Other data:
The company’s cash balance on January 1, 2022, is expected to be$75,600. The company wants to maintain a minimum cash balance of$63,000.
(a)
Prepare schedules for (1) expected collections from customersand (2) expected payments for direct materials purchases forJanuary and February.
Expected Collections from Customers
January
February
$enter a dollar amount
$enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
enter a dollar amount
Expected Payments for Direct Materials
January
February
$enter a dollar amount
$enter a dollar amount
enter a dollar amount
enter a dollar amount