More info In any given month, 10% of the total sales are cash sales, while the remainder are credit sales. The company's collection history indicates that 60% of credit sales is collected in the month after the sale, 30% is collected two months after the sale, 5% is collected three months after the sale, and the remaining 5% is never collected. Assume that the total cost of direct materials purchases in December was $520,000. The company pays 30% of its direct materials purchases in the month of purchase, and pays the remaining 70% in the month after purchase. Data table Backyard Warehouse makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores for $20 per birdfeeder. Each birdfeeder requires 3.0 board feet of wood, which the company obtains at a cost of $5 per board foot. The company would like to maintain an ending stock of wood equal to 10% of the next month's production requirements. The company would also like to maintain an ending stock of finished birdfeeders equal to 25% of the next month's sales. Sales data for the company is as follows: (Click the icon to view the sales data.) (Click the icon to view additional data.) Requirement 1. Prepare the sales budget for the first three months of the year, as well as a summary budget for the quarter, including a separate section that details the type of sales made (cash versus credit.) Requirement 3. Prepare the direct materials purchases budget for the first three months of the year, as well as a summary budget for the quarter. Assume the company needs 130,000 board feet of wood for production in April. (Round your answers to the nearest whole dollar.) Backyard Warehouse Direct Materials Budget For the Quarter Ended March 31 Requirement 4. Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter. (Round your answers to the nearest whole dollar.) Review the sales budget prepared in Requirement 1. equirement 5 . Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter. eview the direct materials budget prepared in Requirement 3. Backyard Warehouse Cash Payments for Direct Materials Budget For the Quarter Ended March 31 Requirement 5 . Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter. Review the direct materials budget prepared in Requirement 3