The Denver Corporation has forecast the following sales for the first seven months of the year: January $ 12,000 February 14,000 March 16,000 April 22,000 May 12,000 June 18,000 July 20,000 Monthly material purchases are set equal to 25 percent of forecast sales for the next month. Of the total material costs, 35 percent are paid in the month of purchase and 65 percent in the following month. Labor 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 Denver salesforce will receive a 1.50 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.) 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 February March December January April May June Sales Purchases Payment to material purchases Monthly labor cost Monthly fixed overhead Interest expense Sales commission expense Total payments