Hi I need help with the cash budget

Snowmass, Inc., manufactures and sells snowboards. Snowmass manufactures a single model, the Pipex. In late 2020, Snowmass's management accountant gathered the following data to prepare budgets for January 2021: Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) (Click the icon to view the additional variable and fixed manufacturing cost information.) (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory information) (Click the icon to view the following selected January 2021 budgets: Revenue, Direct material purchases, Direct manufacturing labor cost, Variable manufacturing overhead and Ending inventory.) Read the requirements. collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and operating Requirement 1. Prepare a cash budget for January 2021. Show supporting schedules for the calculation (nonmanufacturing) overhead. Begin by preparing the supporting schedule for the calculation of collection of receivables. Schedule of Cash Collections From December 2020 sales $ 1,105,000 295,750 From January 2021 salus Total collections $ 1,400.750 Next prepare the supporting schedule for the payments of accounts payable. Schedule of Cash Payments for Accounts Payable From December 2020 purchases 420,000 128.730 From January 2021 purchases 548,730 Total cash payments for accounts payable Prepare the supporting schedule for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. 548,730 Total cash payments for accounts payable Prepare the supporting schedule for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. Schedule of Cash Payments for Fixed Overhead Fixed manufacturing overhead 9,800 Fixed operating (nonmanufacturing) overhead 28,000 $ 37,800 Total cash payments for fixed overhead Prepare a cash budget for January 2021. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Snowmass, Inc. Cash Budget For Month Ending January 31, 2021 Cash balance, beginning Add receipts 12,000 Collections from customers - X X P urt More info Data table 0. ? Variable manufacturing overhead is $8 per direct manufacturing labor-hour. There are also $20,800 in fixed manufacturing overhead costs budgeted for January 2021. Snowmass combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $270 per sales visit. The marketing plan calls for 36 sales visits during January 2021. Finally, there are $33,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. ? ? Budgeted balances at January 31, 2021 are as follows: Cash Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long-term liabilities Stockholders' equity ' $ 852,000 ? Requirements 180,000 ? 1. 12,000 Selected budgeted information for December 2020 follows: Cash balance, December 31, 2020 , , $ Budgeted sales Budgeted materials purchases 2. 1,700,000 600,000 Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. Snowmass is interested in maintaining a minimum cash balance of $110,000 at the end of each month. Will Snowmass be in a position to pay the $120,000 dividend on January 31? Why do Snowmass's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? Prepare a budgeted balance sheet for January 31, 2021 by calculating the January 31, 2021 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (c) plugging in the balance for stockholders' equity. 3. 4. Customer invoices are payable within 30 days. From past experience, Snowmass's accountant projects 35% of invoices will be collected in the month invoiced, and 65% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 30% of direct materials purchases paid during the month of the purchase, and 70% paid in the month following purchase. Fixed manufacturing overhead costs include $11,000 of depreciation costs and fixed anarating Inanmanufacturinaverhead seto Include non of donaclation meto Direct facturing) overhead Print Done Print Done Data table Troporty, pium, nu vyupTICITET VUG,vvo Accounts payable ? Long-term liabilities 180,000 Stockholders' equity ? Selected budgeted information for December 2020 follows: Cash balance, December 31, 2020 $ 12,000 Budgeted sales 1,700,000 Budgeted materials purchases 600,000 Customer invoices are payable within 30 days. From past experience, Snowmass's accountant projects 35% of invoices will be collected in the month invoiced, and 65% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 30% of direct materials purchases paid during the month of the purchase, and 70% paid in the month following purchase. Fixed manufacturing overhead costs include $11,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $5,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly. All property, plant, and equipment acquired during January 2021 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020, Snowmass's board of directors voted to pay a $120,000 dividend to stockholders on January 31, 2021. X Data table Reference Materials and Labor Requirements Revenue Budget For January 2021 Units Selling price Total revenues 1,300 $ 650 $ 845,000 Snowboards Direct materials Wood 9 board feat (b.f.) per snowboard Fiberglass 7 yards per snowboard Direct manufacturing labor 8 hours per snowboard Snowmass' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. Direct Materials Purchases Budget For January 2021 Materials Wood Fiberglass Total Direct Materials Inventarles Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2,020 b. 1,520 b.. 11,700 b.f. 9,100 yards Wood 1.520 b. 2.020 yards Fiberglass 1,020 yards 2,020 yards Physical Units Budget To be used in production Add target ending inventory Total requirement Deduct beginning inventory Purchases to be made Cost Budget 13.220 b. 11,120 yards 1,020 yards Other data include: 2,020 b.r. 11,200 b.f. 10,100 yards 2020 Unit Price 2021 Unit Price S S Wood Fiberglass 30.00 per b.f. 6.00 per yard 32.00 per b.l. 7.00 per yard $ $ 358,400 70,700 Purchases S 429.100 S S S Data table Reference Fiberglass 7 yards per snowboard 7 Direct manufacturing labor 8 hours per snowboard Snowmass' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of S650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock Wo worrorocery or wages For January 2021 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate 1,300 8 10,400 S 27 Total Snowboards $ 280,800 X Total labor hours 10,400 Variable manufacturing overhead rate = Variable manufacturing overhead cost 8 = $ 83,200 x Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 , 31, 2021 2,020 b.f. 1,520 b.f. 1,020 yards 2,020 yards Wood Fiberglass Ending Inventories Budget For January 2021 Quantity Cost per unit Total Direct materials Wood 1.520 S 32 $ 48,640 Fiberglass 2,020 7 14.140 Other data include: 2020 Unit Price 2021 Unit Price Wood $ 30.00 per b.f. $ 32.00 per b.. Fiberglass $ 6.00 per yard $ 7.00 per yard Direct manufacturing labor $ 26.00 per hour $ 27.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $250.00 Assume Snowmass uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Finished goods 379,800 Snowboard 800 S 633 $ 442,580 Total ending Inventory Print Done Print Done 1 Cash balance, beginning Add receipts II Total cash available for needs Deduct disbursements Total disbursements Cash balance. ending