The Prince Albert Corporation has forecast the following sales for the first seven months of the year. January February March April $28,000 30,000 May June $28,000 34,000 32,000 July 38,000 36,000 Monthly material purchases are set equal to 30 percent of forecasted sales for the next month. Of the total material costs, 40 percent are paid in the month of purchase and 60 percent are paid in the following month Labour costs will run $5,800 per month, and fixed overhead is $11,000 per month. Interest payments on the debt will be $4,800 for both March and June. Finally, the Prince Albert sales people will receive a 20 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 March February December January $ April May Sales Purchases Current month payment Prior month payment Total payment for materials Labour costs