The Denver Corporation has forecast the following sales for the first seven months of the year: January February $ 20,000 22,000 March 24,000 April 30,000 May 20,000 June July 26,000 28,000 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 $5,000 per month, and fixed overhead is $7,000 per month. Interest payments on the debt will be $4,000 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.) Sales Purchases Payment to material purchases Monthly labor cost Monthly fixed overhead Interest expense Sales commission expense Total payments Denver Corporation Cash Payments Schedule December January February March April May June July