ESSAY/Problem Solving. 1. Clay Company has projected sales and production in units for the second quarter of the coming year as follows: April 50,000 May June Sales Production 40.000 60.000 60.000 50.000 50.000 Cash-related production costs are budgeted at $5 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses will amount to $100.000 per month, paid in the month incurred. The accounts payable balance on March 31 totals $190,000. which will be paid in April) All units are sold on account (as credit sales for $14 each. There are no cash sales, Cash collections from sales are budgeted at 60% in the month of sale. 30% in the month following the month of sale, and the remaining 1016 in the second month following the month of sale. Accounts receivable on April 1 totalled $500,000 ($90,000 from February's sales and the remainder from March Required: a. Prepare a schedule for each month showing budgeted cash disbursements for the Clay Company b. Prepare a schedule for each mones showing budgeted cash receipts for the Clay Company For the sober press ALT+F10 (PC) ALTEN FI