Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months follow: Budgeted Sales Cash payments for merchandise April $31,900 20,400 May $40,100 16,700 June $24,100 17,100 Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. The March 31 balance sheet includes balances of $12,100 in cash, $12,100 in accounts receivable, $11,000 in accounts payable, and a $2,100 balance in loans payable. A minimum cash balance of $12,100 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 2% per month based on the beginning of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and include sales commissions (5% of sales), shipping (4% of sales), office salaries ($3,100 per month), and rent ($5,100 per month). Prepare a cash budget for each of the months of April, May, and June. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) CASTOR, INC. Cash Budget For April, May, and June April $ 12,100 May June Beginning cash balance Cash sales Collections on account Total cash available Cash payments for: Total cash payments Preliminary cash balance Ending cash balance Loan balance April $ 2,100 May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales in units) are forecasted at 41,000 for January, 61,000 for February, and 51,000 for March. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Commissions Rent Advertising Office salaries Depreciation Interest Tax rate 10% of sales dollars $ 15,000 per month 12% of sales dollars $ 70,000 per month $ 45,000 per month 13% annually on a $290,000 note payable 40% Prepare a budgeted income statement for this first quarter. (Round your final answers to the nearest whole dollar.) FORTUNE, INC. Budgeted Income Statement For Quarter Ended March 31 Operating expenses Electro Company manufactures an innovative automobile transmission for electric cars. Management predicts that ending finished goods inventory for the first quarter will be 192,400 units. The following unit sales of the transmissions are expected during the rest of the year: second quarter, 481,000 units; third quarter, 312,000 units; and fourth quarter, 359,500 units. Company policy calls for the ending finished goods inventory of a quarter to equal 40% of the next quarter's budgeted sales. Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture. ELECTRO COMPANY Production Budget Second and Third Quarters Second Quarter Budgeted ending inventory (units) 192,400 Budgeted unit sales for quarter Required units of available production Budgeted beginning inventory (units) Units to be produced T hird Quarter 312,000