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Langley Company has provided the following budget information for the first quarter of 2016 (Click the icon to view the budget information) Additional data related to the first quarter of 2016 for Langley Company: O (Click the icon to view the data.) Read the requirements. Requirement 1 . Prepare Langley Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2016 Begin by preparing the schedule of cash receipts from customers for the first quarter of 2016 Cash Receipts from Customers Total sales Cash Receipts from Customers: Accounts Receivable balance, December 31 , 1st Qtr.Sales Total cash receipts from customers First Quarter 2016 2015 Data table Total sales Budgeted purchases of direct materials Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Requirements 2167000 417300 367800 17150 17100 67700 137000 27000 17100 400 67480 Accounts Receivable balance, March 31, 2016: . Prepare Langley Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2016 1st Qtr.Sales, collected in 2nd Qtr. 2. Prepare Langley Company's cash budget for the first quarter of 2016