Question 5.1 {Totab 30 marks] For the second quarter of the following year Cloaks Company has projected sales and production in units as follows: 40,000 51,000 56,000 53 000 43 000 49 000 ICash-related production costs are budgeted at S? p '-l n'rt produced. Of these production costs, 35% are paid in the month in which they are incurred and the balance in the next month. $05,000 per month will account for Selling and administrative expenses. (in January 31, the accounts payable balance totals $185,000, which will be paid in February. All uniE are sold on account for $13 each. Cash collections from sales are budgeted at 55% in the month of sale, 25% in the month following the month of sale, and the remaining 20% in the second month following the month of sale. On January 1 accounts receivable totaled $500,000 {$90,000 from November's sales and the remaining from December]. Submission Instructions: 1. Prepare a schedule for each month showing budgeted cash disbursements for Cloaks Company. 2. Prepare a schedule for each month showing budgeted cash receipts for Cloaks Company