The Boswell Corporation forecasts its sales in units for the next four months as follows:

March .........................................6,000

April ...........................................8,000

May ............................................5,500

June ............................................4,000

Boswell maintains an ending inventory for each month in the amount of one and one-half times the expected sales in the following month. The ending inventory for February (March's beginning inventory) reflects this policy. Materials cost $5 per unit and are paid for in the month after production. Labor cost is $10 per unit and is paid for in the month incurred. Fixed overhead is $12,000 per month. Dividends of $20,000 are to be paid in May. Five thousand units were produced in February.

Complete a production schedule and a summary of cash payments for March, April, and May. Remember that production in any one month is equal to sales plus desired ending inventory minus beginning inventory.