Among the items it manufactures Jefferson Wine Accessories (JWA) produces decorative coasters for drinks. In FY2022 JWA sold 400,000 packages containing ten coasters each for $15.00 per package. JWA expects to increase the number of packages sold by 5% annually until it reaches a steady state of 600,000 packages per year. The sales price per package is expected to increase to $16.00 for FY2023.

Coaster sales and production are spread out evenly during the year. JWA targets monthly ending finished goods inventory for this item to equal 80% of the next month's sales. As the company is preparing its FY2023 budget it anticipates the ending inventory for FY2022 to equal 25,000 packages.

Each package requires 0.5 pound of cork. At the end of FY2022, management expects to have 30,000 pounds of cork in raw materials inventory. Each month JWA targets to have raw material stocks of cork equal to the production needs for the following two months. JWA forecasts that for FY2023 and FY2024 the cost of cork will average $9.00 per lb.

All sales of coasters are done through distributors that are given 10 days to pay without incurring late fees. JWA collects 75% of the revenue from it's sales in the month of the sale and 23% in the month following the sale. 2% of sales are written off as bad-debts each month. For 12/31/2022 JWA anticipates having an Accounts Receivable balance of $120,000.

JWA's cork suppliers are paid 80% of monthly purchase charges in the month of the purchase and 20% in the month following the purchase. For 12/31/2022 JWA estimates its Accounts Payable balance to equal $34,000.

1.Compute the total number of packages budgeted to be sold in FY2023. Correct Answer 420000

2. Compute the total number of packages budgeted to be manufactured in FY2023.

3. Compute the total lbs. of cork budgeted to be used in production during FY2023.

4. Compute the total lbs. of cork budgeted to be purchased during FY2023.

5.Compute the total cork purchasing budget, in dollars, for FY2023.

6. What is the budgeted amount of cash to be collected in January 2023? (Include collections from sales in both January and prior months)

7. What is the budgeted amount of Sales made in January to be collected in February 2023? Correct Answer 128800

8. What is the budgeted amount of cash to be paid in January 2023? (Include payments from both purchases in January and prior months. This is a tricky calculation that requires you to determine the amount of January purchases of cork. Pay close attention to the Raw Materials ending balance for January)

9. What is the budgeted dollar amount of purchases made in January to be paid in February 2023?

10. What is the budgeted January net cash flow from purchases of Raw Materials and sales of coasters? Let a positive number represent an increase in cash and a negative number represent a decrease in cash flow.

Can not figure out the rest. Please show steps on how to solve it. Thanks