Sved Help Save & Exit Sub The Prince Albert Corporation has forecast the following sales for the first seven months of the year. January February March April $12,000 14,000 16,800 22,000 May June July $12,000 18,000 20,000 Monthly material purchases are set equal to 25 percent of forecasted sales for the next month of the total material costs, 35 percent are paid in the month of purchase and 65 percent are paid in the following month. Labour costs will run $4,200 per month, and fixed overhead is $3,000 per month. Interest payments on the debt will be $3,200 for both March and June Finally, the Prince Albert sales people will receive a 15 percent commission on total sales for the first six months of the year, to be paid on June 30. Prepare a monthly summary of cash payments for the six months from January through June (Note: Compute prior December purchases to help get total material payments for January) Prepare a monthly summary of cash payments for the six months from January through June (Note: Compute prior December purchases to help get total material payments for January) Prince Albert Corporation Cosh Payments Schedule December January February March April Sales Purchases Current month payment Prior month payment 5 Total payment for materials Labour costs Fixed overhead Interest payments Sales commission Total cash payments Prince Albert Corporation Cash Paynents Schedule February March $ December January April May June