Irwin Company has provided the following budget information for the first quarter of 2018:

Total sales	$208,000
Budgeted purchases of direct materials	41,000
Budgeted direct labor cost	37,300
Budgeted manufacturing overhead costs:
Variable manufacturing overhead	1,000
Depreciation	600
Insurance and property taxes	6,900
Budgeted selling and administrative expenses:
Salaries expense	4,000
Rent expense	3,500
Insurance expense	1,800
Depreciation expense	250
Supplies expense	6,240

Additional data related to the first quarter of 2018 for Irwin Company:

a. Capital expenditures include $45,000 for new manufacturing equipment to be purchased and paid in the first quarter.

b. Cash receipts are 65% of sales in the quarter of the sale and 35% in the quarter following the sale.

c. Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter.

d. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred.

e. Income tax expense for the first quarter is projected at $42,000 and is paid in the quarter incurred.

f. Irwin Company expects to have adequate cash funds and does not anticipate borrowing in the first quarter.

g. The December 31, 2017, balance in Cash is $40,000, in Accounts Receivable is $25,400, and in Accounts Payable is $12,500.

Requirements:

1. Prepare Irwin Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018.

2. Prepare Irwin Company's cash budget for the first quarter of 2018.