Enter your WSU Acce the Jocts for this problem are,ted on the facts tab of this workbook structions-Four solutions should be clearly labeled on the Solutions tab of this workbook For the first quarter of 2022, do the following (4) Prepare a sales budget. This is similar to Mustration 22-3 in your textbook. (b) Prepare a production budget. This is similar to Bustration 22-5 in your textbook (c) Pregare a direct materials budget. (Round to nearest dollar) This is similar to illustration 22-3 in your textbook. 13 14 (d) repare a direct labor budget. (For calculations, round to the nearest hour.) This is samar to ilustration 22-22 in your textbook 15 17 20 (e) Prepare a manufacturing overhead budget. (Round intermediate amounts to the nearest dollar) Thas a similar to mustration 22-12 in your textbook Prepare a selling and administrative budget. The is similar to iustration 22-11 in your textbook Prepare a budgeted income statement (Round intermediate calculations to the nearest dollar This is similar to ustration 22-15 in your textbook Prepare a budget. This is under to ustration 22-29 your textbook You will need to prepare schedules for expected collections from customers and expected payments to vendors first. See illustrations 21-17 and 22-18 in your textbook for guidance You will also need to prepare schedules to support your calculation of amounts borrowed, interest expense, and loan repayments. These should be well labeled and formatted so that I may follow your work 21 les Fonts are fast for not following these rules 12netienaltyto your benetn. Use formulas Use proper formats for schedules, following the referenced textbook examples Use correct number formats 15. %, general and underscoring where appropriate Double-check your wont Very your formulas and lege Grading Geldels 28fective ise of Excel Spelling, Puntuation, Cell vahie Fammat Mater Format 10% 37.5 73 14.75 0% 11.33 Caution: Students found to have cepled work from or shared work with a peer will receive a zero for this assignment and he referred to the Dean of Students for Academic Discipline Wayne Corporation Master Budget Project The company'ts preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year The following information has been gathered from their managers. 4 sales tofonmation 5 Period 6 November, 2021 1 December, 2021 anuary, 2022 9 Tebruary 2022 10 March, 2022 11 April, 2022 12 May, 2022 Units 120,000 Actual 107,000 Actual 118,000 Planned 119,000 Planned 122,000 Planned 131,000 Planned Grading guidelines are on the instructions tab. 144,000 Planned 16.41 13 Unit selling price 14 15 Finished Goods Inventory Planning 17 The company likes to keep 35% of the next quarter's unm sales in finished goods ending inventory 15 Accounts Receivable & Collections 19 Sales en Accoum 20 Colechons Activity 21 Month of Sale 22 Month after Sale 23 Balance at 12/31/21 34 25 Materials taventory Costs & Planning 100% 10% 185,000.00 2 Mat 27 Ingredient Amount Used per unit Cost 215 $ 106-16 29 The company likes to keep 12% of the material needed for the next month's production in raw materials ending inventory 30 Accounts Payable & Disbursements 31 Pinshaves on account 12 Payment Activity Month at Purcha 34 Manch after Purchase 35 Barance 133/ 100% 80% 40% 130,000 trucions Facts Student Solution Wayne Corporation Master Budget Project The company is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The following information has been gathered from their managers. 3 4 Sales Information 5 Period 6 November, 2021 7 December, 2021 B January, 2022 9 February, 2022 10 March, 2022 11 April, 2022 12 May, 2022 13 Unit selling price 14 Units 120,000 Actual 107,000 Actual 118,000 Planned 119,000 Planned Grading guidelines are on the instructions 122,000 Planned 131,000 Planned tab. 144,000 Planned $ 16.41 15 Finished Goods Inventory Planning 16 The company likes to keep 15% of the next quarter's unit sales in finished goods ending inventory. 17 18 Accounts Receivable & Collections 19 Sales on Account 20 Collections Activity 21 Month of Sale 22 Month after Sale 23 Balance at 12/31/21 24 25 Materials Inventory Costs & Planning 26 Direct Materials 27 Ingredient 100% 90% 10% $ 185,000.00 Amount Used per Unit 2 lb Cost $ 1.06 lb 28 The company likes to keep 12% of the material needed for the next month's production in raw materials ending inventory. 29 30 Accounts Payable & Disbursements 31 Purchases on Account 32 Poyment Activity 33 Month of Purchase 34 Month after Purchase 35 Balance at 12/31/21 100% 60% 40% $ 120,000 7 Direct Labor & Costs 8 Time per Unit Production 39 Pay Rate/Hour 40 41 Manufacturing Overhead Costs 42 Variable costs per direct labor hour Indirect materials 43 44 Indirect labor 45 Utilities 46 Maintenance 47 Fixed costs per month 48 Salaries 49 Depreciation 50 Property taxes 51 Insurance 52 Janitorial 53 54 Selling and Administrative Costs 55 Variable costs per unit sold a $ 20 minutes 20.00 S 0.30 0.50 0.45 0.25 $ 42,000 16,800 2,675 1,200 1,300 $ 1.60 + 56 Fixed costs per month 57 Advertising 58 Insurance 59 Salaries 60 Depreciation 15,000 14,000 72,000 25,000 61 Other fixed costs 3,000 62 63 Income Taxes 64 Accrued on Monthly Net Income 35% rounded to nearest dollar 65 Amounts Accrued Q4 2021 paid January 2022 $ 200,000 66 67 Cash and Financing Matters 68 Cash Balance, 12/31/2021 $ 115,000 69 2022 Minimum Balance Required 765,000 70 71 Monthly Dividends $ 2.75 per share 72 Outstanding Shares 5,000 73 74 Line of Credit Al G H M N xf CONCATENATE(Instructions 182," Master Budget Project") Wayne Corporation Master Budget Project company preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The following information has been gathered from their managers 4 Safes information 5 Period 6 November, 2021 7 December, 2021 anuary, 2022 9 February 2022 10 March, 2022 11 April, 2022 12 May, 2022 13 Unit selling price 14 15 Finished Goods Inventory Planning Units 120,000 Actual 107,000 Actual 118,000 Planned 119,000 Planned 122,000 Planned 131,000 Planned Grading guidelines are on the instructions tab. 144,000 Planned $ 16.41 16 The company likes to keep 15% of the next quarter's unit sales in finished goods ending inventory 17 18 Accounts Receivable & Collections 19 Sales on Artoum 20 Colvictions Activey 21 Month of Sale 22 Month after Sale 23 Balance at 12/1 24 25 Materials Investory Costs & Planning 100% 50% 10% 135,000.00 26 Dvect Maten Amount Used per Unit 3 lb Cest 106 16 The company thes to keep 12% of the material needed for the next month's production in raw materials ending saventory 10 Accounts Payable & Disbursements Payment Activity 33 Marth of Purchase 14 Man after Pushave Balanee at 13/AUD 100% 40%