1.for the first quarter of 2020, prepare a sales budget 2.for the first quarter of 2020, prepare a production budget 3.for the first quarter of 2020,prepare a direct materials budget 4.for the first quarter of 2020, ,prepare a direct labor budget 5.for the first quarter of 2020, prepare a manufacturing overhead budget 6.for the first quarter of 2020, prepare a selling and administrative budget 7.for the first quarter of 2020, prepare a schedule for expected cash collections from customers 8.for the first quarter of 2020, prepare a schedule for expected payments for materials purchases 9.for the first quarter of 2020, prepare a cash budget

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CALCUL Waterways Continuing Problem 09 Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered info process. Sales Unit sales for November 2019 Unit sales for December 2019 Expected unit sales for January 2020 Expected unit sales for February 2020 Expected unit sales for March 2020 Expected unit sales for April 2020 Expected unit sales for May 2020 Unit selling price 111,000 103,000 114,000 114,000 116,000 127,000 139,000 $12 Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sal the month after sale. Accounts receivable on December 31, 2019, totaled $185,400. Direct Materials Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31, 2019, totaled 11,400 pounds. Payment for month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2019, totaled $104,595. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Manufacturing Overhead Indirect materials 30 per labor hour Indirect labor 50 per labor hour Utilities 50 per labor hour Maintenance 30 per labor hour Salaries $41,000 per month Depreciation $18,100 per month Property taxes $2,500 per month Insurance $1,200 per month Maintenance $1,200 per month Selling and Administrative Variable selling and administrative cost per unit is $1.50. Advertising $15,000 a month Insurance $1,500 a month Salaries $71,000 a month Depreciation $2,500 a month Other fixed costs $2,900 a month Other Information nidad it w ild like to maintain a cash balance of at least $700,000 beginning on January Other Information The Cash balance on December 31, 2019, totaled $98,000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.70 per share for 4,740 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $530,000 equipment purchase is planned for February. CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT wing Problem 09 on is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the ber 2019 ber 2019 Dr January 2020 or February 2020 or March 2020 or April 2020 or May 2020 111,000 103,000 114,000 114,000 116,000 127,000 139,000 $12 ep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in Accounts receivable on December 31, 2019, totaled $185,400. o cents per pound. Two pounds of direct materials are required to produce each unit. ep 5% of the materials needed for the next month in its ending inventory, Raw Materials on December 31, 2019, totaled 11,400 pounds. Payment for materials is made within 15 days. 50% is paid in the d 50% is paid in the month after purchase. Accounts Payable on December 31, 2019, totaled $104,595. lotion and is paid at a rate of $9 per hour. pel UUF hour 50 per labor hour 30 per labor hour $41,000 per month $18,100 per month $2,500 per month $1,200 per month $1,200 per month ces Administrative ng and administrative cost per unit is $1.50. $15,000 a month $1,500 a month $71,000 a month $2,500 a month costs $2,900 a month tion ce on December 31, 2019, totaled $98,000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31, 2020. Dividends are paid each month at the rate of e for 4,740 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 9% interest. Waterways borrows on the month and repays on the last day of the month. A $530,000 equipment purchase is planned for February