For the second quarter of the following year Cloaks Company has projected sales and production in units as follows: Jan Feb NE Sales 50.000 52.000 57.000 Production 54.000 49.000 50.000 Cash-related production costs are budgeted at $8 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. $100,000 per month will account for Selling and administrative expenses. On January 31 the accounts payable balance totals $200,000, 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 $500,000 ($100,000 from November's sales and the remaining from December). Required 1 Prepare a schedule for each month showing budgeted cash disbursements for Cloaks Company. (8 marks) 2. Prepare a schedule for each month showing budgeted cash receipts for Cloaks Company. (8 marks)