1. Clay Company has projected sales and production in units for the second quarter of the coming year as follows: Sales Production April 50.000 May June 40.000 60.000 50.000 60,000 50,000 Cash-related production costs are budgeted at $5 per unit produced. Of these production costs. 40% are paid in the month in which they are incurred and the balance in the following month Selling and administrative expenses will amount to $100,000 per month, paid in the month incurred. The accounts payable balance on March 31 totals $190.000, which will be paid in Apel All units are sold on account as credit sales) for $14 each. There are no cash sales Cash collections from sales are budgeted at 60% in the month of sale. 30% in the month following the month of sale and the remaining 10% in the second month following the month of sale. Accounts receivable on April 1 totalled $500,000 ($90.000 from February's sales and the remainder from Manch Required a. Prepare a schedule for each month showing budgeted cash disbursements for the Clay Company b. Prepare a schedule for each month showing budgeted cash receipts for the Clay Company