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Your awer is partially correct. For the first quarter of 2022, prepare a manufacturing overhead budget. (Round overhead to 2 decimale 525 and other awes to decimal places 2.520 Lt Variable Costs WATERWAYS CORPORATION Manufacturing Overhead Budget For the 2022 First Quarter January February Vur Coats Labor UR Munna Indirect Me TV Coda haco nes BIOOOOO DIDO Salaries Duractition) Tod Coats Oration aarmiharamatagam Textbook and Media And Your answer is partially correct 2 decimal place 5.25 and all For the first ber of 2022. prepare manufacturing over budget. Round theranwentodecimeses 2520 List Variable WATERWAYS CORPORATION Manufacturing Overhead Budget for the 2022 V First Quarter March Quarter January February | VUU D0000000 DOM IHTO DODDO CODDODIDO Tebook and Media A SL 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. 111,000 W Sales Unit sales for November 2021 Unit sales for December 2021 103,000 Expected unit sales for January 2022 114,000 Expected unit sales for February 2022 112,000 Expected unit sales for March 2022 116,000 Expected unit sales for April 2022 Expected unit sales for May 2022 137,000 Unit selling price $12 124.000 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 $185,400. 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 11.380 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 ata rate of 59 per hour. Direct Materials Direct materials cost Bo 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 11,380 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. Manufacturing Overhead Indirect materials Indirect labor 300 per labor hour 500 per labor hour Utilities 500 per labor hour Maintenance 300 per labor hour Salaries $41,000 per month Depreciation $17,800 per month Property taxes $2.800 Der month Insurance $1100 Der month Maintenance $1,400 per month Selling and Administrative Variable selling and administrative cost per unit is $1.70. Advertising $16.000 a month Insurance $1.500 a month Salaries 571,000 a month $2.700 a month Depreciation Other fixed costs $3.200 a month Other information Selling and Administrative Variable selling and administrative cost per unit is 51.70. Advertising 516,000 a month a Insurance $1.500 a month Salaries $71.000 a month Depreciation $2,700 a month Other fuced costs $3.200 a month Other Information The Cash balance on December 31, 2021, totaled $100.000, but management has decided it would like to maintain a cash balance or at least 5700,000 beginning on January 31, 2022. Dividends are paid each month at the rate of $2.70 per share for 5.180 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 incremento at vx interest Waterways borrows on the first day of the month and repayn on the last day of the month. A $550.000 equipment purchase is planned for February