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Challenge Exercise 7-1 Conkdan Company manufactures outdoor fireplaces. For the first 9 months of 2020, the company reported the following operating results while operating at 80%% of plant capacity: Sales (78,900 units) $7,179,900 Cost of goods sold 5,128,500 Gross profit 2,051,400 Operating expenses 789,000 Net income $1,262,400 Cost of goods sold was 80%% variable and 20%% fixed; operating expenses were 70% variable and 30% fixed. In October, Conklan Company receives a special order for 3,800 fireplaces at $61 each from Langston's Landscape Company. Acceptance of the order would result in an additional $7,000 of shipping costs but no increase in fixed operating expenses.Should Conklan Company accept the special order? Why or why not? Lowe Yes its income is higher v with this order. O someBefore Conklan could give Langston's Landscape Company an answer, they received a special order from Benson Building & Supply for 13,900 fireplaces. Benson is willing to pay $65 per fireplace but they want a special design imbedded into the fireplace that increases cost of goods sold by $63,940. The special design also requires the purchase of a part that costs $4,900 and will have no future use for Conklan Company. Benson Building & Supply will pick up the fireplaces so no shipping costs are involved. Due to capacity limitations, Conklan cannot accept both special orders. Which order should be accepted? Document your decision by preparing an incremental analysis for Benson's order. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Net Income Reject order Accept order Increase (Decrease) Revenues Costs Cost of Goods Sold Operating Expenses Unique part Net Income Corkdan should accept the order from VWaterways Continuing Problem 09 Waterways Corporation is preparing its budget for the coming year, 2020. 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. Sales Unit sales for November 2019 113,000 Unit sales for December 2019 101,000 Expected unit sales for January 2020 112,000 Expected unit sales for February 2020 114,000 Expected unit sales for March 2020 116,000 Expected unit sales for April 2020 126,000 Expected unit sales for May 2020 139,000 Unit selling price $12 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, 2019, 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, 2019, 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, 2019, totaled $102 605. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour.For the first quarter of 2020, prepare a schedule for expected cash collections from customers. Schedule of Expected Collections from Customers January February March Quarter Accounts receivable, 12/31/19 January sales February sales March sales Total cash collectionsFor the first quarter of 2020, prepare a schedule for expected payments for materials purchases. (Round answers to 0 decimal places, e.g. 2,520.) Schedule of Expected Cash Payments for Purchases January February March Quarter Accounts payable, 12/31/19 January February March Total paymentsFor the first quarter of 2020, prepare a cash budget. (Round answers to 0 decimal places, e.g. 2,520.) WATERWAYS CORPORATION Cash Budget First Quarter January February March Quarter VV 10 V VFor the first quarter of 2020, prepare a direct materials budget. (Round cost per pound to 2 decimal places, e.g. 0.25 and all other answers to O decimal places, e.g 2,520.) WATERWAYS CORPORATION Direct Materials Budget First Quarter January February March Quarter v v V . VFor the first quarter of 2020, prepare a direct labor budget. (Round time per unit to nearest hour, e.g. 30 minutes will be rounded to 0.5 hours) WATERWAYS CORPORATION Direct Labor Budget First Quarter January February March Quarter V V V V VFor the first quarter of 2020, prepare a manufacturing overhead budget. (Round overhead rate to 2 decimal places, e.g. 5.25 and all other answers to O decimal places, e.g. 2,520. List Variable Costs first.) WATERWAYS CORPORATION Manufacturing Overhead Budget First Quarter January February March QuarterV V V V V VFor the first quarter of 2020, prepare a selling and administrative budget. (Enter per unit expenses rounded to 2 decimal places. E.g. 1.25) WATERWAYS CORPORATION Selling and Administrative Expense Budget First Quarter January February March Quarter