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For the first quarter of 2022 prepare a cash budget. (Round answers to O decimal places, e.g. 2,520.) WATERWAYS CORPORATION Cash Budget For the First Quarter of 2022 First Quarter January Febri Beginning Cash Balance $ 98000 Add Receipts Collections From Customers 182200 LU Total Available Cash 1422200 Less : Disbursements Direct Materials 192437 January February March Quarter 98000 $ 700239 $ 758581 $ 98000 1324200 1347600 1368000 4056600 1422200 2064639 2126581 4154600 192437 181080 183888 557405 201960 205200 207360 614520 77616 78120 78456 234192 271000 i 274200 i 274200 819400 12948 12948 12948 38844 12948 112948 i 12948 38844 520000 520000 i 755961 1271548 756852 2784361 666239 793091 1369729 1370239 34000 34000 (34000) (34000) 1510) (510) 700239 $ 758581 1369729 $ 1369729 Waterways Corporation is preparing its budget for the coming year, 2022. 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 budgeting process. Sales 112,000 101.000 112,000 114,000 Unit sales for November 2021 Unit sales for December 2021 Expected unit sales for January 2022 Expected unit sales for February 2022 Expected unit sales for March 2022 Expected unit sales for April 2022 Expected unit sales for May 2022 Unit selling price 114.000 126,000 138,000 $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 sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2021. totaled $181.800 Direct Materials 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, 2021 totaled 11.220 pounds. 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, 2021, totaled $120.595. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. per labor hour Manufacturing Overhead Indirect materials 300 Indirect labor 500 Utilities 400 per labor hour per labor hour Maintenance 200 per labor hour Salaries $41,000 per month Depreciation $17,700 per month Property taxes $2.600 per month Manufacturing Overhead Indirect materials 30 per labor hour Indirect labor 50 per labor hour Utilities 40 per labor hour Maintenance 20 per labor hour Salaries $41,000 per month Depreciation $17,700 per month Property taxes $2,600 per month Insurance $1,300 per month Maintenance $1,300 per month Selling and Administrative Variable selling and administrative cost per unit is $1.60. Advertising $14,000 a month Insurance $1,500 a month Salaries $73,000 a month Depreciation $2,600 a month Other fixed costs $3,300 a month Other Information The Cash balance on December 31, 2021, totaled $98,000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31, 2022. Dividends are paid each month at the rate of $2.60 per share for 4,980 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 $520,000 equipment purchase is planned for February