The Tin Bucket Company projects the following direct materials purchases: Purchases on Account Cash Purchases December 2011 $30,000 $20,000 January 2012 50,000 30,000 February 2012 60,000 20,000 March 2012 60,000 30,000 The company pays for the cash purchases when they are made. The company pays for 70% of purchases on account in the month that the purchases are made and 30% in the next month. Prepare a schedule of expected cash payments (cash budget) for the first quarter of 2012.