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Problem 4-21 Schedule of cash payments [LO4-2] The DenverCorporation has forecast the following sales for the first sevenmonths of the year: January $ 30,000 May $ 30,000 February 32,000June 36,000 March 34,000 July 38,000 April 40,000 Monthly materialpurchases are set equal to 40 percent of forecast sales for thenext month. Of the total material costs, 50 percent are paid in themonth of purchase and 50 percent in the following month. Laborcosts will run $6,000 per month, and fixed overhead is $12,000 permonth. Interest payments on the debt will be $5,000 for both Marchand June. Finally, the Denver salesforce will receive a 3.00percent commission on total sales for the first six months of theyear, to be paid on June 30. Prepare a monthly summary of cashpayments for the six-month period from January through June. (Note:Compute prior December purchases to help get total materialpayments for January.)