5. Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter. (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous calculations and requirements, if applicable. If you copy/paste from the Instructions tab or if you type the numbers in, you will be marked wrong.) The Master Budget Comprehensive summary problem Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores. $15 Sales price per birdfeder 1.5 Board feet of wood required for each birdfeeder $4 Cost per board foot (actual) 10% Desired ending wood inventory stated as a percentage of next month's production requirements 20% Desired ending finished goods inventory (finished birdfeeders) stated as a percentage of next month's sales $550,000 Total cost of direct materials purchases in December 45% of direct materials purchases are paid in the month of purchase 55% of direct materials purchases are poid in the month after purchase Sales data for the company can be found on the "SALESDATA" tab. \begin{tabular}{|l|c|} \hline \multicolumn{1}{|c}{ B } & C \\ \hline DA A SHEET - DO NOT ENTER ANSWERS HERE \\ \hline & Units \\ \hline & 92,000 \\ \hline October actual sales (prior year) & 85,000 \\ \hline November actual sales (prior year) & 78,000 \\ \hline December actual sales (prior year) & 80,000 \\ \hline January projected sales & 90,000 \\ \hline February projected sales & 95,000 \\ \hline March projected sales & 105,000 \\ \hline \end{tabular} 20% of the total sales are cash sales 80% of the total sales are credit sales The company's collection history indicates that: 80% of credit sales is collected in the month after the sale 10% is collected two months after the sale 6% is collected three months after the sale 4% is never collected