The Denver Corporation has forecast the following sales for the first seven months of the year: January $ 15,000 May $ 15,000 February March April 17,000 June 19,000 July 25,000 21,000 23,000 Monthly material purchases are set equal to 40 percent of forecast sales for the next month. Of the total material costs, 50 percent are paid in the month of purchase and 50 percent in the following month. Labor costs will run $4,500 per month, and fixed overhead is $4,500 per month. Interest payments on the debt will be $3,500 for both March and June. Finally, the Denver salesforce will receive a 3.00 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-month period from January through June. (Note: Compute prior December purchases to help get total material payments for January.) Denver Corporation Cash Payments Schedule December January February March April May June July Sales Purchases Payment to material purchases Monthly labor cost Monthly fixed overhead Interest expense Sales commission expense Total payments 0