Maria Bockman, Bates & Hill Fabricators' accounts payable manager, has just received the company's direct materials purchases budget for the first quarter. anuary February March Quarter Budgeted purchase cost $24,060 $46,199 $40,729 $110,988 The company makes all of its direct materials purchases on account. Maria's recent review of the company's payment history revealed that the company pays for 50% of its direct materials purchases in the month of purchase and 50% in the month following purchase. The company expects to have an accounts payable balance of $15,660 on January 1, and this amount represents the remaining payables from December's direct materials purchases Prepare Bates & Hill's cash payments budget for the coming year. (Round answers to O decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter o.) Cash Payments Budget January February March December A/P January purchases February purchases March purchases Totals Prepare Bates & Hill's cash payments budget for the first quarter. Accounts Payable balance