The Denver Corporation has forecast the following sales for the first seven months of the year January 31,000 February 33,000 March 35,000 April 41,000 May 31.000 June 37,000 July 39,000 Monthly material purchases are set equal to 20 percent of forecast sales for the next month of the total material costs 30 percent are paid in the month of purchase and 70 percent in the following month Labor costs will run 56,100 per month and fixed overhead is $12,500 per month. Interest payments on the debt will be $5,100 for both March and June. Finally, the Denver salesforce will receive a 1.00 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 February March December January April May June July Sales Purchases Payment to material purchases Monthly labor cost Monthly fixed overhead Interest expense Sales commission expense Total payments