Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you answer please just F thanks Your answer is correct. For the first quarter of 2022, prepare a production budget. Your answer is correct.
can you answer please just F thanks
Your answer is correct. For the first quarter of 2022, prepare a production budget. Your answer is correct. For the first quarter of 2022, prepare a sales budget. Your answer is correct. For the first quarter of 2022, prepare a direct labor budget. (Round time per unlt to nearest hour, e.g. 30 minutes will be rounded to 0.5 hours) Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. 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. Correct Answer (Used) Your answer is correct. For the first quarter of 2022, prepare a direct materials budget. (Round cost per pound to 2 decimal places, e.g. 0.25 and all other answers to 0 decimal places, e.g. 2,520.) Selling and Administrative Variable selling and administrative cost per unit is $1.60. Other Information The Cash balance on December 31,2021, totaled $100,000, 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 $2.50 per share for 4,720 shares outstanding. The00 increments at 9% has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 incre $540,000 equipment purchase is planned for forrows on the first day of the month and repays on the last day of the month. A WATERWAYS CORPORATION Production Budget For the First Quarter of 2022 First Quarter For the first quarter of 2022, prepare a selling and administrative budget. (Enter per unlt expenses rounded to 2 declmal places. Eg. 1.25) For the first quarter of 2022, prepare a manufacturing overhead budget. (Round overhead rote to 2 decimal places, eg. 525 and all other answers to 0 decimal ploces, eg. 2,520. List Variable Costs first) Question 1 of 1 Manufacturing Overhead Budget For the First Quarter of 2022 First Quarter January February March Muarter For the first quarter of 2022, prepare a selling and administrative budget. (Enter per unlt expenses rounded to 2 declmal places. Eg. 1.25) WATERWAYS CORPORATION Direct Labor Budget For the First Quarter of 2022 Units to be Produced Direct Labor Time (Hours) Per Unit Total Required Direct Labor Hours Direct Labor Cost Per Hour Total Direct Labor Cost 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 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 hourStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started