Esquire Products Inc. expects the following monthly sales: January $ 26,000 July $ 20,000 February 17,000 August 24,000 March 10,000 September 27,000 April 12,000 October 32,000 May 6,000 November 40,000 June 4,000 December 22,000 Total sales = $240,000 Cash sales are 40 percent in a given month, with the remainder going into accounts receivable. All receivables are collected in the month following the sale. Esquire sells all of its goods for $2 each and produces them for $1 each. Esquire uses level production, and average monthly production is equal to annual production divided by 12. a. Generate a monthly production and inventory schedule in units. Beginning inventory in January is 10,000 units. b. Prepare a cash receipts schedule for January through December. Assume that dollar sales in the prior December were $20,000 c. Prepare a cash payments schedule for January through December. The production costs ($1 per unit produced) are paid for in the month in which they occur. Other cash payments (besides those for production costs) are $7,200 per month. d. Construct a cash budget for January through December using the cash receipts schedule from part b and the cash payments schedule from part c. The beginning cash balance is $3,000, which is also the minimum desired. (Negative amounts should be indicated by a minus sign.) e. Determine total current assets for each month. Include cash, accounts receivable, and inventory. The accounts receivable for a given month is equal to 60 percent of that month's sales. Inventory is equal to ending inventory (part a) times the cost of $1 per unit.