answer #8-#11 please and thank you

Ravenna Manufacturing is preparing its master budget for the first quarter of the upcoming year: The following data pertain to Ravenna Manufacturing's operations: Balance sheet totals as of December 31 (prior year): Cash $ 4,500 Accounts Receivable (net) $ 46,000 Finished Goods Inventory (2,075 units) $ 12,700 Direct Materials Inventory (1,150 lbs) $ 2,300 Property, Plant and Equipment (net) $122,000 Accounts Payable $ 42,400 Capital Stock $125,000 Retained Earnings $ 20,100 5. Prepare a direct labor budget for January, February, and March and quarter in total. (5 pts.) 6. Prepare a manufacturing overhead budget for January, February, a for the quarter in total. (5 pts.) 7. Prepare an operating expense budget for January, February, and M the quarter in total. (5 pts.) 8. Prepare a cash budget for January, February, and March and for the total. (20 pts.) 9. Calculate the budgeted manufacturing cost per unit (assume that th manufacturing overhead is budgeted to be $.70 per unit for the yea 10. Prepare a budgeted Income Statement for the quarter ended March Cost of Goods Sold = Budgeted cost of manufacturing each unit x units sold) (10 pts.) 11. Participation (I will assign these points based on the participation team's discussion board). (20 pts.) a. Actual sales in December were $70,000. Selling price per unit is projected to remain stable at $10 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted as follows: 79 80 81 January February March April May $ 83,000 $ 99,000 $ 96,000 $ 90,000 $ 86,000 84 85 Beginning cash balance Add: Receipts Collections from customers Total available cas Lese: Disbursements Direct Materials Direct labor Manufacturing Overhead Operating Expenses Equipment purchases Income Tax Expense Total asbursements Excess defidency of available cash overcash disbursements FINANCING Borrowing Reparments including interest) Ending cash balance b. Sales are 30% cash and 70% credit. All credit sales are collected in the month following the sale. c. Ravenna Manufacturing has a policy that states that each month's ending inventory of finished goods should be 25% of the following month's sales (in units). d. Of each month's direct materials purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two pounds of direct material is needed per unit at $2.00 per pound. Ending inventory of direct materials should be 10% of next month's production needs. e. Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is .03. The direct labor rate per 89 90 VOGETEC hour is $8.00 per hour. All direct labor is paid for in the month in which the work is performed AVOGETED f. Monthly manufacturing overhead costs are $5,000 for factory rent, $3,000 for other fixed manufacturing expenses, and $1.20 per unit for variable manufacturing overhead. No depreciation is induded in these figures. All expenses are paid in the month in which they are incurred. g. Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, the company will purchase equipment for $5,000 (cash), while February's cash expenditure will be $12,000 and March's cash expenditure will be $16,000. h. Operating expenses are budgeted to be $1.00 per unit sold plus fixed operating expenses of $1,000 per month. All operating expenses are paid in the month in which they are incurred. i. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $4,900 for the entire quarter, which includes depreciation on new acquisitions. J. Ravenna Manufacturing has a policy that the ending cash balance in each month must be at least $4,000. The company has a line of credit with a local bank. It can borrow in increments of $1,000 at the beginning of each month, up to a outstanding loan balance of $125,000. The interest rate on these loans is 1% per month simple interest (not compounded). Ravenna Manufacturing would pay down on the line of credit balance if it has excess funds at the end of the quarter. The company would also pay the accumulated interest at the end of the quarter 99 100 101 102 Direct Materials 103 Direct Labor 104 Manufacturing Overhead 105 106 Total budgeted marveturing cost perunt 107 108 109 110 111 112 Sales 113 Cost of Goods Soldo 114 Gross Profit 115 Less: Operating Expenses (including depreciation) 116 income from Operations 117 Income Tax Expense 118 Net Income 119 120 121 122 Units sold x budgeted manufacturing cost per unit the funds bied duria the auctor