For the second quarter of the following year Cloaks Company has projected sales and production in units as follows: Jan Feb Mar Production 1,000 5607.000 Cash-related production costs are budgeted at S8 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the next month. $180,000 per month will account for Selling and administrative expenses. On January 31 the accounts payable balance totals $220,000, which will be paid in February All units are sold on account for $12 each. Cash collections from sales are budgeted at 60% in the month of sale, 20% in the month following the month of sale, and the remaining 20% in the second month following the month of sale. On January 1 accounts receivable totaled $642,000 ($110,000 from November's sales and the remaining from December). Required: . Prepare a schedule for each month showing budgeted cash disbursements for Cloaks Company. (8 marks) Prepare a schedule for each month showing budgeted cash receipts for Cloaks Company. (8 marks)