The Prince Albert Corporation has forecast the following sales for the first seven months of the year. January February March April $15,000 May 17,000 June 19,000 July 25,000 $15,000 21,000 25,000 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 $4,500 per month, and fixed overhead is $4.500 per month Interest payments on the debt will be $3,500 for both March and June Finally, the Prince Albert sales people will receive a 30 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 December January February Parch April Sales Purchases S Current month payment Prior sonth payment Total payment for materials Labour costs Fixed overhead Interest payments Sales commission Total cash payments July