Backyard Warehouse makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores for $16 per birdfeeder. Each birdfeeder requires 2.0 board feet of wood, which the company obtains at a cost of $6 per board foot. The company would like to maintain an ending stock of wood equal to 20% of the next month's production requirements. The company would also like to maintain an ending stock of finished birdfeeders equal to 15% of the next month's sales. Sales data for the company is as follows: (Click the icon to view the sales data.) (Click the icon to view additional data.) Read the requirements. Requirements Prepare the following budgets for the first three months of the year, as well as a summary budget for the quarter: 1. Prepare the sales budget, including a separate section that details the type of sales made (cash versus credit.) 2. Prepare the production budget. 3. Prepare the direct materials purchases budget. Assume the company needs 125,000 board feet of wood for production in April. 4. Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter. 5. Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter. Requirement 4. Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter. (Round your answe Review the sales budget prepared in Requirement 1 . Definition More info In any given month, 10% of the total sales are cash sales, while the remainder are credit sales. The company's collection history indicates that 80% of credit sales is ter. (Round your a collected in the month after the sale, 10% is collected two months after the sale, 4% is collected three months after the sale, and the remaining 6% is never collected. Assume that the total cost of direct materials purchases in December was $530,000. The company pays 40% of its direct materials purchases in the month of purchase, and pays the remaining 60% in the month after purchase. Data table croest) Revitiw the saies bisheet prepared in Flocidement 1