The Denver Corporation has forecast the following sales for the first seven months of the year. January 18, February 20,000 March 22 April 28.000 May 18 Du 24 Guy 26. Monthly material purchases are set equal to 30 percent of forecast sales for the next month of the total material costs, 40 percent are pard in the month of purchase and 60 percent in the following month Labor costs will run $4.800 per month, and fixed overhead is $6,000 per month. Interest payments on the debt will be $3,800 for both March and June. Finally, the Denver salesforce will receive a 200 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 Morthylabor cost Monthly fixed overhead Interest expense Sales commission expense Total payment $ 03 03 3 Os OS January February March April May June July $ 18,000 20,000 22,000 28,000 18,000 24,000 26,000