John Wills, Bonita & Hill Fabricators' budget director, has received budget information from several managers and is preparing the company's cash budget. January February March Quarter 279,240 507,000 540,400 1,326,640 41,850 62,400 73,800 178,050 115,440 198,640175,760 489,840 89,840 92,752 91,952 274,544 Payments for Selling & administrative expenses 53,560 68,380 65,260 187,200 Payments for direct materials Payments for direct labor Payments for manufacturing overheads In addition to the information he received from these managers, John knows the following: .Bates & Hill plans to have $62,400 in its cash account on January 1 . Bates & Hill plans to declare and pay dividends totaling $50,960 in January. Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $74,880. Bates & Hill plans to make a cash purchase of equipment in March at a cost of $62,400. .Bates & Hill's income taxes from last quarter totaling $78,270 will be paid in January. . Bates & Hill is required to maintain a minimum cash balance of $31,200 in its account at First National Bank