Maria Bockman, Bates & Hill Fabricators' accounts payable manager, has just received the company's direct materials purchases budget for the first quarter. January February March Budgeted purchase cost $250,020 $262.440 $291,600 Quarter $804,060 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 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 Bates & Hill's cash payments budget for the first Quarter. (Enter answers in necessary helds only. Leave other fields blank. Do not enter.) Cash Payments Budget Cash Payments Budget January February March December A/P January purchases February purchases March purchases Total Cash Payments Budget Total Cash Payments February March January $ $ Calculate the accounts payable balance at the end of first Quarter. Accounts Payable balance $