Question 5.1 (Total: 30 marks) For the second quarter of the following year Cloaks Company has projected sales and production in units as follows: Sales Production Jan 49,000 53,000 Feb 51,000 48,000 Mar 56,000 49,000 Cash-related production costs are budgeted at $7 per unit produced. Of these production costs, 35% are paid in the month in which they are incurred and the balance in the next month. $95,000 per month will account for Selling and administrative expenses. On January 31, the accounts payable balance totals $185,000, which will be paid in February. All units 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% 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