Blue Fish 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 Blue Fish Corporation Income Statement For the year ended December 31, 2021 Blue Fish Corporation Balance Sheet December 31, 2021 Sales Cost of Goods Sold Grow project Seling and Administrative Experten Income from Operations Interest Expense Income Before Taxes Income Tax Expense Net Income 16,662.000 5.980.904 10,68 1.0 7,386,000 3.295.0% 111.020 3,184,076 668,636 2,515.420 (ush| Accounts Recehabie, niet Raw Materials luwentory Finished Goods Inventory Machinery and equipment, net Total Assets 93.000 198300 15.416 91.838 920,000 1,318,554 Accounts Payable Income Taxes Payable Totallaties Common Stock Retained caming Totallibilities and Stockholder's quity 106,883 668656 773,541 250,000 293,012 1.318.554 Sales Unit sales for November 2021 115,000 Unit sales for December 2021 100,500 Expected unit sales for January 2022 114,500 Expected unit sales for February 2022 116,200 Expected unit sales for March 2022 Expected unit sales for April 2022 Expected unit sales for May 2022 Unit selling price 117,100 126,800 135,300 S13 Blue Fish likes to keep 15% of the next month's unit sales in ending inventory. All sales are on account. 80% of the Accounts Receivable are collected in the month of sale, and 20% of the Accounts Receivable are collected , in the month after sale. Direct Materials Direct materials cost 82 cents per pound. 2.5 pounds of direct materials are required to produce each unit. Blue Fish likes to keep 10% of the materials needed for the next month in its ending inventory. Raw Materials on December 31, 2021, totaled 18,800 pounds. Payment for materials is made within 15 days, 60% is paid in the month of purchase, and 40% is paid in the month after purchase. There was no beginning or ending work-in- process inventory for the quarter, Direct Labor Labor requires 9 minutes per unit for completion and is paid at $13 per hour. Manufacturing Overhead Indirect materials Indirect labor Utilities Maintenance Salaries 35 per labor hour 60 per labor hour 55 per labor hour 35 per labor hour S49,000 per month Depreciation Property taxes Insurance Maintenance $16,200 per month $2.300 per month $1.450 per month $1.525 per month Selling and Administrative Variable selling and administrative cost per unit is $1.82 Advertising $13,500 a month Insurance 51,375 a month Salaries $76,000 a month a Depreciation S2,300 a month Other fixed costs S3,100 a month Blue Fish 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 Blue Fish Corporation Income Statement For the year ended December 31, 2021 Blue Fish Corporation Balance Sheet December 31, 2021 Sales Cost of Goods Sold Grow project Seling and Administrative Experten Income from Operations Interest Expense Income Before Taxes Income Tax Expense Net Income 16,662.000 5.980.904 10,68 1.0 7,386,000 3.295.0% 111.020 3,184,076 668,636 2,515.420 (ush| Accounts Recehabie, niet Raw Materials luwentory Finished Goods Inventory Machinery and equipment, net Total Assets 93.000 198300 15.416 91.838 920,000 1,318,554 Accounts Payable Income Taxes Payable Totallaties Common Stock Retained caming Totallibilities and Stockholder's quity 106,883 668656 773,541 250,000 293,012 1.318.554 Sales Unit sales for November 2021 115,000 Unit sales for December 2021 100,500 Expected unit sales for January 2022 114,500 Expected unit sales for February 2022 116,200 Expected unit sales for March 2022 Expected unit sales for April 2022 Expected unit sales for May 2022 Unit selling price 117,100 126,800 135,300 S13 Blue Fish likes to keep 15% of the next month's unit sales in ending inventory. All sales are on account. 80% of the Accounts Receivable are collected in the month of sale, and 20% of the Accounts Receivable are collected , in the month after sale. Direct Materials Direct materials cost 82 cents per pound. 2.5 pounds of direct materials are required to produce each unit. Blue Fish likes to keep 10% of the materials needed for the next month in its ending inventory. Raw Materials on December 31, 2021, totaled 18,800 pounds. Payment for materials is made within 15 days, 60% is paid in the month of purchase, and 40% is paid in the month after purchase. There was no beginning or ending work-in- process inventory for the quarter, Direct Labor Labor requires 9 minutes per unit for completion and is paid at $13 per hour. Manufacturing Overhead Indirect materials Indirect labor Utilities Maintenance Salaries 35 per labor hour 60 per labor hour 55 per labor hour 35 per labor hour S49,000 per month Depreciation Property taxes Insurance Maintenance $16,200 per month $2.300 per month $1.450 per month $1.525 per month Selling and Administrative Variable selling and administrative cost per unit is $1.82 Advertising $13,500 a month Insurance 51,375 a month Salaries $76,000 a month a Depreciation S2,300 a month Other fixed costs S3,100 a month