Exercise 7-19 (Static) Schedule of cash payments LO P2 Zisk Company purchases direct materials on credit Budgeted purchases are April, $80.000: May, $110.000, and june, $120.000 Cash payments for purchases are 70% in the month of purchase and 30% in the first month after purchase Purchases for March are $70,000 Prepare a schedule of cash payments for direct materials for April, May, and June M Answer is complete but not entirely correct. April May June 70% $ 56,000 $ 77,000 $ 84,000 30% 22,000 24,000 33,000 $ 78,000 $ 101,000 S 117,000 Current period purchases Ending accounts payable Total purchases > June ZISK COMPANY Schedule of Cash Payments for Direct Materials April May Cash payments for Current period purchases $ 56.000 5 77,000 Prior period purchases 78,000 101.000 X Total cash payments $ 134,000 $ 178,000 $ 84.000 117.000 201,000