Beach Wind Company manufactures kites that sell for $20 each. Each kite requires 2 yards of lightwelght canvas, which costs $0.60 per yard. Each kite takes approximately 30 minutes to bulld, and the labor rate averages $8 per hour. Beach Wind has the following inventory policles: - Ending finished goods inventory should be 30 percent of next month's sales. - Ending direct materials inventory should be 20 percent of next month's production. Expected kite sales for the upcoming months are: Varlable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $9,000 ( $750 per month) for expected production of 9,000 units for the year. Selling and administrative expenses are estimated at $820 per month plus $0.75 per unit sold. Beach Wind Company had $12,200 cash on hand on April 1. Of its sales, 60 percent Is cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materials purchases, 60 percent is pald for during the month purchased, and 40 percent is paid in the following month. Direct materlals purchases for March totaled $800. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead Includes $280 in depreclation. Beach Wind plans to spend $15,000 on equiment during April. PB8-3 (Static) Preparing Cash Budget [LO 8-4] Required: 1. Compute the budgeted cash recelpts for Beach Wind. 2. Compute the budgeted cash payments for Beach Wind. 3. Prepare the cash budget for Beach Wind. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minim cash balance. No Interest is charged if the loan is paid off by the end of the next quarter. Compute the budgeted cash receipts for Beach Wind. Note: Do not round your intermediate calculations. Compute the budgeted cash payments for Beach Wind. Note: Do not round your intermediate calculations. Round final answers to 2 decimal places. Prepare the cash budget for Bech Wind. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Note: Leave no cell blank enter " 0 " wherever required. Round your answers to 2 decimal places. Beach Wind Company manufactures kites that sell for $20 each. Each kite requires 2 yards of lightwelght canvas, which costs $0.60 per yard. Each kite takes approximately 30 minutes to bulld, and the labor rate averages $8 per hour. Beach Wind has the following inventory policles: - Ending finished goods inventory should be 30 percent of next month's sales. - Ending direct materials inventory should be 20 percent of next month's production. Expected kite sales for the upcoming months are: Varlable manufacturing overhead is incurred at a rate of $0.40 per unit produced. Annual fixed manufacturing overhead is estimated to be $9,000 ( $750 per month) for expected production of 9,000 units for the year. Selling and administrative expenses are estimated at $820 per month plus $0.75 per unit sold. Beach Wind Company had $12,200 cash on hand on April 1. Of its sales, 60 percent Is cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materials purchases, 60 percent is pald for during the month purchased, and 40 percent is paid in the following month. Direct materlals purchases for March totaled $800. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead Includes $280 in depreclation. Beach Wind plans to spend $15,000 on equiment during April. PB8-3 (Static) Preparing Cash Budget [LO 8-4] Required: 1. Compute the budgeted cash recelpts for Beach Wind. 2. Compute the budgeted cash payments for Beach Wind. 3. Prepare the cash budget for Beach Wind. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minim cash balance. No Interest is charged if the loan is paid off by the end of the next quarter. Compute the budgeted cash receipts for Beach Wind. Note: Do not round your intermediate calculations. Compute the budgeted cash payments for Beach Wind. Note: Do not round your intermediate calculations. Round final answers to 2 decimal places. Prepare the cash budget for Bech Wind. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. No interest is charged if the loan is paid off by the end of the next quarter. Note: Leave no cell blank enter " 0 " wherever required. Round your answers to 2 decimal places