The Monachino Company is preparing its cash payments budget. The following items relate to cash payments the company anticipates making during the second quarter of the upcoming year.

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Requirement

Prepare a cash payments budget for April, May, and June and for the quarter. $($If a box is not used in the table leave the box empty; do not enter a zero.$)$

The Monachino Company

Cash Payments Budget

For the Months of April through June

$\backslash$table$[[,$April May June Quarter,$],[$Cash payments for direct materials:,,$],[55\%$ of current month purchases,,$],[45\%$ of last month's purchases,,$]]$

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a$.$ The company pays for $55\%$ of its direct materials purchases in the month of purchase and the remainder the following month. The company's direct material purchases for March through June are anticipated to be as follows:

$\backslash$table$[[,$March,,April,,May,,June$],[$$$,119,000,$$$,136,000,$$$,129,000,$$$,147,000]]$

b$.$ Direct labor is paid in the month in which it is incurred. Direct labor for each month of the second quarter is budgeted as follows:

$\backslash$table$[[,$Apris,,May,,June$],[$$$,44,000,$$$,54,000,$$$,69,000]]$

c$.$ Manufacturing overhead is estimated to be $130\%$ of direct labor cost each month. This monthly estimate includes $$32,000$ of depreciation on the plant and equipment. All manufacturing overhead $($excluding depreciation$)$ is paid in the month in which it is incurred.

d$.$ Monthly operating expenses for March through June are projected to be as follows:

$\backslash$table$[[,$March,,April,,May,,June$],[$$$,72,000,$$$,82,000,$$$,89,000,$$$,93,000]]$

Monthly operating expenses are paid in the month after they are incurred. Monthly operating expenses include $$13,000$ for monthly depreciation on administrative offices and equipment, and $$3,000$ for bad debt expense.

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e$.$ The company plans to pay $$8,000($cash$)$ for a new server in May.

f$.$ The company must make an estimated tax payment of $$12,500$ on June $15.$