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Waterways Continuing Problem 21 (Part Level Submission) Waterways Corporation is preparing its budget for the coming year, 2017. The first step is to plan for the first quarter of that coming year. Waterways gathered the following information from the managers. Sales Unit sales for November 2016 Unit sales for December 2016 Expected unit sales for January 2017 Expected unit sales for February 2017 Expected unit sales for March 2017 112,500 102,100 113,000 112,500 116,000 Expected unit sales for April 2017125,000 Expected unit sales for May 2017 Unit selling price 37,500 $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 sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2016, totaled $183,780 Direct Materials Inventory, Dec. 31 5,177.5 lbs 3,883.125 Ibs 1,294.375 lbs 10,355.0 lbs Amount Used per Unit Item Metal 1 lb 58c per lb. Plastic 12 oz 6 per oz Rubber 4 oz5c per oz 2 lbs per unit Metal, plastic, and rubber together are 75c per pound per unit. waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2016, totaled $120,595. Raw Materials on December 31, 2016, totaled 11,295 pounds Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour. Manufacturing Overhead Indirect materials Indirect labor Utilities Maintenance Salaries Depreciation Property taxes Insurance Maintenance 30c per labor hour 50t per labor hour 45t per labor hour 25c per labor hour $42,000 per month $16,800 per month $2,675 per month $1,200 per month $1,300 per month Selling and Administrative Variable selling and administrative cost per unit is $1.60 Advertising Insurance Salaries Depreciation Other fixed costs $15,000 a month $1,400 a month $72,000 a month $2,500 a month $3,000 a month Other Information Other Inform The Cash balance on December 31, 2016, totaled $100,500, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31, 2017. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in S 1,000 increments at 8% interest, waterways borrows on the first day of the month and repays on the last day of the month. A $500,000 equipment purchase is planned for February. (a) Your answer is correct. For the first quarter of 2017, prepare a sales budget WATERWAYS CORPORATION For the First Quarter of 2017 First Quarter February March Expected unit sales 112500 116000 341500 Unit selling price 12 12 12 12 1350000 1392000 4098000 For the first quarter of 2017, prepare a production budget. WATERWAYS CORPORATION Production Budget For the First Quarter of 2017 First Quarter January February March Quarter Expected Unit Sales Add TDesired Ending Finished Goods Units Total Required Units Less Beginning Finished Goods Units Required Production Units 113000 112500 116000 341500 11250 11600 12500 124250 124100 128500 354000 -11300 11250 -11600 -11300 112950 112850 116900 342700 For the first quarter of 2017, prepare a direct materials budget. (Round cost per pound to 2 decimal places, e.g. 0.25 and all other answers to 0 decimal places, e.g. 2,520.) WATERWAYS CORPORATION Direct Materials Budget First Quarter Janu February March Quarter