Booth has $12,500 in cash on hand on January 1 and has collected the following budget data: January Februar y Sales $ 529,000 $ 568,000 Cash receipts from customers 443,000 502,200 Cash payments for direct materials purchases 180,624 160,284 Direct labor costs 135,010 113,348 Manufacturing overhead costs (includes depreciation of $900 per month) 55,058 53,922 Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Booth has cash payments for selling and administrative expenses including salaries of $40,000 per month plus commissions that are 1% of sales, all paid in the month of sale. The company requires a minimum cash balance of $20,000. Prepare a cash budget for January and February. Round to the nearest dollar. Will Booth need to borrow cash by the end of February