8) Using the information below, calculate Party Time Inc.'s cash payments for raw materials for January and February.

Of the raw materials to be purchased in Q1, 25,024 gold coins are to be purchased in January and 22,000 in February. Party Time Inc.'s supplier allows the firm to pay for 45% in the month of purchase and the remaining balance in the month following the purchase. Assume that there were $3,500 of accounts payable from last year's purchases of gold coins that will be paid in January.

	Jan.	Feb.
Total Cash Receipts (Cash Collected)