The following information is budgeted for Catherine company for second quarter next year: April May June Sales $10,000 $30,000 $40,000 Purchase of materials $50,000 $30,000 $20,000 Rental expenses $5,000 $5,000 $5,000 Fixed overhead $40,000 $40,000 $40.000 Variable overhead $2,000 $5,000 $5,000 Receipt- sales of used equipment $50,000 Additional information: a) All sales at Catherine company are on credit. Past experience indicates that 80% of sales will be collected in the month of sale and the remaining 20% will be collected in the following month. b) Catherine purchase all materials on credit: 90% of purchases are paid for in the month of purchase, the remaining 10% are paid for in the following month. The purchase of materials for the month of March is $30,000 c) Fixed overhead include depreciation of $3,000. d) Variable overhead and rental expenses are paid within the month they are incurred. e) The company received 7% dividend from investment of $60,000 in April. 1) An equipment costing $20,000 will be purchased in May. Payment of the equipment will be in 2 equal payments starting May. g) Opening cash balance in April is $100,000. Required: a) Prepare a schedule of collections and schedule payments of materials for the month of April, May and June. b) Prepare a cash budget for the months of April, May, and June