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Ed's Waterbeds has made the following sales projections for the next six months. All sales are credit sales Check March April May $ 42,000 June 48,000 July 37,000 August $ 46,00 54,000 56,000 Sales in January and February were $45,000 and $44.000 respectively, Experience has shown that 10 percent of total sales are uncollectible, 30 percent are collected in the month of sale, 40 percent are collected in the following month, and 20 percent are collected two months after sale a. Prepare a monthly cash receipts schedule for the firm for March through August Id's Waterbeds Cash Receipts Schedule January February Marsh April Sales 45000 Collections of current sales Collections of prior month's sales Collections of sales 2 months earlier Yotal cash receipts $ 5 Help Save & E Submit Check my work Ultravision Limited anticipates sales of $300.000 from January through April Materials will represent 60 percent of sales and because of level production, material purchases will be equal for each month during these four months Materials are paid for one month after the month purchased Materials purchased in December of last year were $26,000 (half of $52.000 in sales) Labour costs for each of the four months are slightly different due to a provision in the labour contract in which bonuses are paid in February and April Fixed overhead is $12,000 monthly The labour figures are 15 January February March 516,000 19.000 16,000 21,000 April Prepare a schedule of cash payments for January through April Ultravision Cisited Cash Payment Schedule Dekab. January Purchases 50000 5 26000 Payment to material purchases 16000 Labour 12000 Fixed overhead 54000 February 5 March April Total cash payments