Sales are 75% cash and 25% credit Credit sales are collected 30% in the month of sale and the remainder in the month after sale. Actual sales in December were $56,000. Schedules of budgeted sales for the two months of the upcoming year are as follows a. Budgeted Sales Revenue $62,000 $70,000 February Actual purchases of direct materials in December were $23,500. The company's purchases of direct materials in January are budgeted to be $21,000 and $25,500 in February. All purchases are paid 30% in the month of purchase and 70% the following month. Salaries and sales commissions are also paid half in the month earned and half the next month Actual salaries were $9,500 in December. Budgeted salaries in January are $10,500 and February budgeted salaries are $12,000. Sales commissions each month are 12% of that month's sales. b. c. d. Rent expense is $3,500 per month. e. Depreciation is $2,100 per month. f. Estimated income tax payments are made at the end of January. The estimated tax payment is projected to be $12,500 The cash balance at the end of the prior year was $23,000 g