The Prince Albert Corporation has forecast the following sales for the first seven months of the year. January $25,000 31,000 February March $25,000 May 27,000 June 29,000 35,000 July 33,000 April Monthly material purchases are set equal to 40 percent of forecasted sales for the next month. Of the total material costs, 50 percent are paid in the month of purchase and 50 percent are paid in the following month. Labour costs will run $5,500 per month, and fixed overhead is $9.500 per month. Interest payments on the debt will be $4,500 for both March and June. Finally, the Prince Albert sales people will receive a 3.0 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 months from January through June. (Note: Compute prior December purchases to help get total material payments for January) Prince Albert Corporation December January Cash Payments Schedule February $ April Play March $ Sales Purchases S Current month payment Prior month payment total payment for materials Monthly material purchases are set equal to 40 percent of forecasted sales for the next month. Of the total material costs, 50 percent are paid in the month of purchase and 50 percent are paid in the following month. Labour costs will run $5,500 per month, and fixed. overhead is $9,500 per month. Interest payments on the debt will be $4,500 for both March and June. Finally, the Prince Albert sales people will receive a 3.0 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 months from January through June. (Note: Compute prior December purchases to help get total material payments for January.) Prince Albert Corporation Cash Payments Schedule. February $ December January March April May $ Sales Purchases Current month payment Prior nonth payment Total payment for materials Labour costs Fixed overhead Interest payments Sales commission $ $ Total cash payments