I got everything but the last part, can you please answer the last part. Waterways Corporation is preparing its budget for the coming year, 2020.

I got everything but the last part, can you please answer the last part.

Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process.

Sales
Unit sales for November 2019		113,000
Unit sales for December 2019		103,000
Expected unit sales for January 2020		112,000
Expected unit sales for February 2020		112,000
Expected unit sales for March 2020		116,000
Expected unit sales for April 2020		127,000
Expected unit sales for May 2020		137,000
Unit selling price		$12

Waterways likes to keep 10% of the next months unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2019, totaled $185,400. Direct Materials Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31, 2019, totaled 11,200 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2019, totaled $104,305.

Direct Labor

Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour.

Manufacturing Overhead
Indirect materials	30	per labor hour
Indirect labor	50	per labor hour
Utilities	40	per labor hour
Maintenance	20	per labor hour
Salaries	$42,000	per month
Depreciation	$16,200	per month
Property taxes	$2,900	per month
Insurance	$1,300	per month
Maintenance	$1,400	per month

Selling and Administrative
Variable selling and administrative cost per unit is $1.80.
Advertising	$17,000	a month
Insurance	$1,300	a month
Salaries	$72,000	a month
Depreciation	$2,800	a month
Other fixed costs	$2,900	a month

Other Information The Cash balance on December 31, 2019, totaled $100,000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.30 per share for 5,170 shares outstanding. The company has an open line of credit with Romneys Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $490,000 equipment purchase is planned for February.

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v (c) V Your answer is correct. For the first quarter of 2020, prepare a direct materials budget. (Round cost per pound to 2 decimal places, e.g. 0.25 and all other answers to 0 decimal places, e.g. 2,520.) WATERWAYS CORPORATION Direct Materials Budget For the First Quarter of 2020 First Quarter February March January Quarter Units to be Produced 117100 112000 112400 Direct Materials Per Unit Total Pounds Required for Production 224000 224800 234200 Add .Desired Ending Inventory 11240 11710 12800 Total Materials Required 247000 235240 236510 Beginning Materials Inventory Less . 11200 11240 11710 Direct Materials Purchases 224040 225270 235290 .80 .80 .80 Cost Per Pound 188232 179232 180216 547680 Total Cost of Direct Materials Purchases Click if you would like to Show Work for this question: Open Show Work - (d) V Your answer is correct. For the first quarter of 2020, prepare a direct labor budget. (Round time per unit to nearest hour, e.g. 30 minutes will be rounded to 0.5 hours) WATERWAYS CcORPORATION Direct Labor Budget For the First Quarter of 2020 First Quarter February March January Quarter 112000 117100 341500 112400 Units to be Produced .20 Direct Labor Time (Hours) Per Unit .20 .20 .20 Total Required Direct Labor Hours 22480 68300 22400 23420 Direct Labor Cost Per Hour 202320 201600 210780 Total Direct Labor Cost 614700 Click if you would like to Show Work for this question: Open Show Work v (e) V Your answer is correct. For the first quarter of 2020, prepare a manufacturing overhead budget. (Round overhead rate to 2 decimal places, e.g. 5.25 and all other answers to 0 decimal places, e.g. 2,520. List Variable Costs first.) WATERWAYS CORPORATION Manufacturing Overhead Budget For the First Quarter of 2020 First Quarter March February Quarter January Variable Costs 6744 6720 7026 Indirect Materials 20490 Indirect Labor 11240 11200 11710 34150 8,992 Utilities 27,320 8,960 9,368 4,684 Maintenance 4,480 4,496 13,660 95,620 31,472 Total Variable Cost 31,360 32,788 Fixed Costs 42,000 126,000 42,000 Salaries 42,000 16,200 48,600 16,200 16,200 Depreciation 8,700 Property Taxes 2,900 2,900 2,900 1,300 1,300 Insurance 1,300 3,900 1,400 Maintenance 1,400 1,400 4,200 63,800 63,800 63,800 191,400 Total Fixed Costs 95,272 287,020 96,588 Total Manufacturing Overhead 95,160 22480 68300 22400 23420 Direct Labor Hours Predetermined overhead rate for the quarter 4.20 Click if you would like to Show Work for this question: Open Show Work v (f) V Your answer is correct. For the first quarter of 2020, prepare a selling and administrative budget. (Enter per unit expenses rounded to 2 decimal places. E.g. 1.25) WATERWAYS CORPORATION Selling and Administrative Expense Budget For the First Quarter of 2020 First Quarter February March January Quarter 340,000 Budget Sales In Units 116000 112000 112000 1.80 1.80 1.80 1.80 Variable Expenses Per Unit 612,000 201,600 Total Variable S & A Expense 201,600 208,800 Fixed Expenses 51,000 Advertising 17,000 17,000 17,000 3,900 Insurance 1,300 1,300 1,300 72,000 Salaries 72,000 72,000 216,000 2,800 Depreciation 2,800 2,800 8,400 8,700 Other 2,900 2,900 2,900 96,000 96,000 288,000 Total Fixed Expenses 96,000 304,800 900,000 297,600 297,600 Total S & A Expenses Click if you would like to Show Work for this question: Open Show Work (g) v V Your answer is correct. For the first quarter of 2020, prepare a schedule for expected cash collections from customers. Schedule of Expected Collections from Customers February March Quarter January 185,400 Accounts receivable, 12/31/19 185,400 January sales 1,142,400 201600 1344000 201600 February sales 1344000 1,142,400 1,183,200 March sales 1,183,200 4,056,600 1,327,800 1,344,000 Total cash collections 1,384,800 Click if you would like to Show Work for this question: Open Show Work SHOW ANSWER SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used (h) V Your answer is correct. For the first quarter of 2020, prepare a schedule for expected payments for materials purchases. (Round answers to 0 decimal places, e.g. 2,520.) Schedule of Expected Cash Payments for Purchases February March January Quarter 104,305 104,305 Accounts payable, 12/31/19 89,616 89,616 179,232 January 90,108 180,216 February 90,108 94,116 March 94,116 557,869 Total payments 193,921 179,724 184,224 v (i) For the first quarter of 2020, prepare a cash budget. (Round answers to 0 decimal places, e.g. 2,520.) WATERWAYS CORPORATION Cash Budget For the First Quarter of 2020 First Quarter February March Quarter January Beginning Cash Balance 100,000 $4 24 $4 Add . Receipts 1,327,800 Collections From Customers 1,344,000 1,384,800 4,056,600 1,427,800 Total Available Cash Less . Disbursements Direct Materials 193921 179,724 184,224 557,869 Direct Labor 201,600 202320 210780 614700 Manufacturing Overhead Selling And Administrative Equipment Purchase 490,000 490,000 11,891 Dividends 11,891 11,891 35,673 Total Disbursements Excess (Deficiency) Of Available Cash Over Cash Disbursements Financing . Borrowings Add Less Repayments of Interest Ending Cash Balance $4 $4 Open Show Work Click if you would like to Show Work for this