Construct the selling and administrative budget for the quarter April, May,June

n in southern New Brunswick. They make arter. Lisa is a qualified engineer Bart and Lisa operate a manufacturing operation in southern New Brun a single product. In order to help ensure a successful year they have enga prepare a complete master budget for the upcoming quarter. Lisa is a qualified but not overly sophisticated in financial matters. Bart handles the design and marketi their company's products. You have gathered the following information as of March 31, 2020: B&L Manufacturing Balance Sheet March 31, 2020 $ Cash Accounts Receivable Inventory Net Capital Assets Total Assets 60,000 624,000 302,587 1.180.000 2,166,587 Accounts Payable 72,000 Common Stock 200,000 Shareholder's Equity (SE) 1.894,587 Total Liabilities and SE 2,166,587 Inventory is made up of the following balances: Raw Materials $ 28,800 6,400 units WIP $100,000 Finished Goods $173,787 4,800 units Recent and Projected Sales February March April Units 6,000 8,000 8,000 8,000 6,000 7,000 10,000 10,000 $360,000 480,000 480,000 480,000 360,000 420,000 600,000 600,000 May June July August September Credit accounts are collected 60% in the month following the sale and 40% in the next oth following. There are no bad debts. Collections are current; the March A/R balan is made up of uncollected amounts from February and March sales. You changes to the WIP balances. Each unit produced requires $9.00 of raw materials (representing 2 units of material with a purchase cost of $4.50 per unit) and $20.00 of direct labour (2 hours of direct labour are required for each unit). There is a minimum of 5,000 labour hours per month regardless of how much time is worked. All labour is paid at $10 per hour (i.e. no overtime is paid.) Overhead is applied on the basis of direct labour hours. Variable overhead is estimated to be $1.50 per direct labour hour. The desired finished goods inventory is 60% of the next month's sales. The desired raw materials inventory is 40% of the next month's production requirements. All purchases are paid in the month following the purchase and all A/P is current. Fixed manufacturing overhead is estimated at $30,000 per month including total depreciation per month for manufacturing assets of $5,000. Salaries, wages and commissions average 10% of sales, all other administrative expenses excluding depreciation is 5% of sales. Fixed selling and administrative expenses for rent, property taxes, depreciation and other items are $50,000 per month. Depreciation is $3,000 per month There is a planned acquisition of a new machine in April for $150,000 which will be paid for in April A dividend of $100,000 will be paid in June. Any borrowing the company makes are effective at the beginning of the month and all repayments are made at the end of the month. Ignore interest for the purposes of this assignment. The company does not want to begin a month with less than $30,000 in beginning cash. Income taxes can be ignored