Data table More info In any given month, 25% of the total sales are cash sales, while the remainder are credit sales. The company's collection history indicates that 70% of credit sales is collected in the month after the sale, 20% is collected two months after the sale, 6% is collected three months after the sale, and the remaining 4% is never collected. Assume that the total cost of direct materials purchases in December was $500,000. The company pays 55% of its direct materials purchases in the month of purchase, and pays the remaining 45% in the month after purchase. The company would also like to maintain an ending stock of finished birdfeeders equal to 20% of the next month: sales. Sales data for the company is as follows: Friendly Feeders makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores for $20 per bardeoder Each birdfeeder requires 3.0 board feet of wood, which the compariy obtains at a cost of $3 per board foot The company would like to maintain an ending stock of wood equal to 25% of the next month's production requirements. Friendly Feeders Bales Butoet. For the Quarter Ended March 31 Requirement 2. Prepare the production budget for the first three months of the year, as well as a summary budget for the quarter Onte te produte Review the sales budget arepared in Requirement 1 Requirement 6. Prepare the cash payments budget for deoct materiats purchases tor the months of Jarnawy. Februncy, and March as woil as a summary for the first quarter Review the direct materiais badgot prepaved in Roquarernent 3