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March is estimated to be $15,300, and work in process at the end of March is desired The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for Chapter 22 Budgeting 1119 OBJ. 5 5. Prepare a factory overhead cost budget for March 6. Prepare a cost of goods sold budget for March. Work in process at the beginning red to be $14,800. 7. Prepare a selling and administrative expenses budget for March. 8. Prepare a budgeted income statement for March PR 22-4B Cash budget the next three months. You are presented with the following budget information: Sales .... Manufacturing costs. Selling and administrative expenses Capital expenditures June $160,000 66,000 40,000 July $185,000 82,000 46,000 August $200,000 105,000 51,000 120,000 The company expects to sell about 10% of its merchandise for cash. Of sales on ac- count, 60% are expected to be collected in the month following the sale and the remainder the following month (second month after sale). Depreciation, insurance, and property tax expense represent $12,000 of the estimated monthly manufacturing costs. The an- nual insurance premium is paid in February, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of June 1 include cash of $42,000, marketable securities of $25,000, and accounts receivable of $198,000 ($150,000 from May sales and $48,000 from April sales). Sales on account in April and May were $120,000 and $150,000, respectively. Current liabilities as of June 1 include $13,000 of accounts payable incurred in May for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $24,000 will be made in July, Mercury Shoes' regular quarterly dividend of $15,000 is expected to be declared in July and paid in August. Management wants to maintain a minimum cash balance of $40,000. Instructions 1. Prepare a monthly cash budget and supporting schedules for June, July, and August. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller? 2. PR 22-5B Budgeted income statement and balance sheet OBJ. 4,5 As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 20Y8, the following tentative trial balance as of December 31, 20Y7, is prepared by the Accounting Department of Mesa Publishing Co.: Cash Accounts Receivable.. Finished Goods Work in Process $ 26,000 23,800 16,900 4,200