Kimberly Young, Sheffield & Matthew Fabricators' accounts payable manager, has just received the company's direct materials purchases budget for the first quarter. January February March Quarter Budgeted purchase cost $253,000 $271,000 $286,000 $810,000 The company makes all of its direct materials purchases on account. Kimberly's recent review of the company's payment history revealed that the company pays for 25% of its direct materials purchases in the month of purchase and 75% in the month following purchase. The company expects to have an accounts payable balance of $18,000 on January 1, and this amount represents the remaining payables from December's direct materials purchases. Prepare Sheffield & Matthew's cash payments budget for the first Quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter O.) Cash Payments Budget January Total C Payme February March December A/P $ 18,000 $ $ $ January purchases 63,250 190,750 February purchases 68,500 200,500 March purchases 70.000 Total $ 81,250 $ 259,250 $ 270,500 $ Calculate the accounts payable balance at the end of first Quarter. Accounts Payable balance $ Cash Payments Budget Total Cash Payments January February March $ 18,000 $ $ $ 18,000 ses 63,250 190,750 254,000 ases 68,500 200,500 269,000 es 70,000 70,000 $ 81,250 $ 259,250 $ 270,500 $ 611,000 Calculate the accounts payable balance at the end of first Quarter. Accounts Payable balance $