(Answered) : Problem 21-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows January _

Problem 21-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows January _February Sales Direct materials purchases Direct labor $426,240 142,080 105,560 82,880 93,536 $473,600 148,000 118,400 83,800 100,640 Selling and administrative expenses All sales are on account Collections are expected to be 50% in the month of sale, 30% in the st month following the sale and 20% in the second month following the sale Sixty percent 60% of direct materials purchases purchase, and the balance due is paid in the month folowing the purchase. All other items above are paid in