Accounting Artifacts is a business created to sell lifesize abaci. Below are details regarding the budgetary assumptions for the first quarter.

Plans are to have an inventory of finished product equal to $20\%$ of the unit sales for the next month. There was $100$ units in beginning finished goods inventory on January $1$ st$.$

Three pounds of materials are required for each unit produced. Each pound of material costs $$20.$ Inventory levels materials equal $30\%$ of the needs for the next month. Desired ending inventory for March is $400$ pounds of material. Beginning inventory for January was $450$ pounds of material.

Each unit requires $0\mathrm{.}6$ hours of direct labor and the average wage rate is $$18$ per hour.

Variable overhead rate is $$3\mathrm{.}50$ per direct labor hour. There is also fixed overhead of $$22,000$ per month.

Cost of goods sold is $$139\mathrm{.}16$ per unit

The balance in common stock was $$100,000$ at the beginning of the quarter. The balance in retained earnings was

$$213,082$ at the beginning of the quarter.

Accounts receivable had a beginning balance of $$20,000.$ Seventy percent of sales are collected in the month of sale and $30$ percent are collected in the following month.

Accounts payable had a beginning balance of $$30,000.$ Forty percent of purchases are paid for in the month of purchase and $60$ percent are paid for the following month.

Cash had a beginning balance of $$250,000$ on January $1.$

The company pays a $3\%$ commission on sales.

Company has fixed selling and administrative expenses as follows:

Rent $$3,\frac{000}{?}$ month

Utilities $$\frac{800}{?}$ month

Advertising $$\frac{600}{?}$ month

Office Salaries $$4,\frac{000}{?}$ month

Complete the following instructions:

$\backslash$table$[[$A$.,\backslash$table$[[$Prepare a sales budget and schedule of expected cash for collections for the quarter.$],[$Prepare a production budget for the quarter.$]]],[$B$.,$Prepare a production budget for the quarter.$],[$c$.,\backslash$table$[[$Prepare a direct materials budget in pounds and dollars for the quarter and schedule of expected cash disbursements$],[$Prepare a direct labor budget in hours and total cost for the quarter$]]],[$D$.,\backslash$table$[[$Prepare a direct labor budget in hours and total cost for the quarter.$],[$Prepare a manufacturing overhead budget for the quarter.$]]],[$E$.,\backslash$table$[[$Prepare a manufacturing overhead budget for the quarter.$],[$Prepare a selling and administrative expense budget for the quarter.$],[$Prepare a cash budget for the$]]],[$F$.,\backslash$table$[[$Prepare a selling and administrative expense budget for the quarter.$],[$Prepare a cash budget for the quarter.$]]],[$G$.,],[$H$.,\backslash$table$[[$Prepare a budgeted income statement for the quarter$-$the corporation pays $21\%$ of net operating income in federal$],[$income taxes $($the state is incorporated in South Dakota where there is no state income tax$).]]]]$