I have completed steps 1-4 and believe I have the correct answers. I need help with Step 5 (Calculating the Cash Flow Projection). I know for sure that the cash inflows are $261,000 and cash outflows are $238,000 but do not understand how to calculate anything else. Thank you!

AutoSave (@ Off) Culminating Project Template Revised Dec 2018 (1) - Saved Katie Taylor X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share L41 X V A B C D E F G H I J K M N O P Q 1 Campus Sweaters, Inc. R S T U V 2 Production Budget For Three Months Ended March 31, 2019 January February March April May Projected Sales in Units 11,000 10,000 6,000 7,000 7,000 Add Ending Inventory Required 13,000 9,500 10,500 10,500 24,000 19,500 16,500 17,500 9 Less Beginning Inventory (12,000) (13,000) (9,500) (10,500) 10 11 Required Production for Month 12,000 6,500 7,000 7,000 12 13 14 Raw Material Inventory Budget 15 16 January February March 17 Required Production for Month April 12,000 6,500 7,000 7,000 18 19 Required Raw Material 120,000 65,000 70,000 70,000 20 Add Required Ending Inventory 65,000 70,000 70,000 21 185,000 135,000 140,000 70,000 22 Less Beginning Inventory (80,000) (65,000) (70,000) (70,000) 23 24 Required Purchases for Month 105,000 70,000 70,000 25 26 Purchases in Dollars $ 136,500 $ 91,000 $ 91,000 27 These flow to your cash for 28 29 Cost of Goods Manufactured Schedules 30 31 January February March 32 Units Produced 12,000 6,500 7,000 33 31 Dirart Matoriale /10 *$ 1 301 $ 156 000 $ 84 600 91 0n0 Solution to Culminating Project Sheet2 Sheet3 + : 0 Ready + 100%AutoSave (@ Off) Culminating Project Template Revised Dec 2018 (1) - Saved Katie Taylor X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share L41 X V A B C D E F G H I J K M N O P Q R S T U V 29 Cost of Goods Manufactured Schedules 30 31 January February March 32 Units Produced 12,000 6,500 7,000 33 34 Direct Materials (10 *$ 1.30) $ 156,000 $ 84,500 $ 91,000 35 36 Direct Labor (.20 * $20.00) 48,000 26,000 28,000 CF 37 38 Overhead (.20*$5.00) 12,000 6,500 7,000 CF 39 40 Total Cost of Goods Manufactured $ 216,000 $ 117,000 $ 126,000 41 42 Standard Cost Per Unit $ 18.00 $ 18.00 $ 18.00 43 44 Campus Sweaters, Inc. 45 Cash Flow Projection 46 Three Months Ended March 31, 2019 47 January February March 48 Sales 300,000 270,000 210,000 49 50 Cash Inflows 51 Collection on accounts receivable 52 November 53 December 54 January 55 February 56 March 57 Totals $ $ $ 58 Cash Outflows 59 Raw material purchases 60 Direct labor 61 Manufacturing overhead 62 Selling expenses Solution to Culminating Project Sheet2 Sheet3 + Ready + 100%AutoSave (@ Off) Culminating Project Template Revised Dec 2018 (1) - Saved Katie Taylor X File Home Insert Page Layout Formulas Data Review View Help Tell me what you want to do Share L41 X V A B C D E F G H J K L M N O P Q R S T U V 44 Campus Sweaters, Inc. 45 Cash Flow Projection 46 Three Months Ended March 31, 2019 47 January February March 48 Sales 300,000 270,000 210,000 49 50 Cash Inflows 51 Collection on accounts receivable 52 November 53 December 54 January 55 February 56 March 57 Totals $ - $ 58 Cash Outflows 59 Raw material purchases 60 Direct labor 61 Manufacturing overhead 62 Selling expenses 63 Administrative expenses 64 Rent 65 Sales salaries 66 Interest expense 67 Totals 68 Net Inflow (Outflow) 69 70 Add Beginning Cash Balance 71 72 Borrowings (Repayment) of Loans 73 74 Ending Cash Balance $ $ 75 76 77 Solution to Culminating Project Sheet2 Sheet3 + Ready + 100%Bb 07.08 Culminating Project: Budge X *Homework Help - Q&A from Onl x C You Are The President Of Campu: X + X https://blackboard.boisestate.edu/webapps/blackboard/content/listContent.jsp?course_id=_92641_1&content_id=_6364998_1 K Syllabus and Schedule Use this Excel Culminating Project Template Faculty Information to help you get started with your budget. You are the president of Campus Sweaters, Inc. Campus Sweaters manufacturers wool pullover v-neck sweaters of various sizes and colors. You are preparing Modules the budgets for the first quarter of 2016 (January, February, and March). You have the following historical and projected sales in units: Excel/Statistics Modules Actual or Projected Month Units Course Questions and Actua November 9,000 Discussion Actua December 8,000 Groups Projected anuary 11,000 Projected February 10,000 My Grades Projected March 6,000 Projected April 7,000 Tools Projected May 7,000 Projected june 7,000 Course Resources Library Resources It takes ten skeins of yarn to make one sweater. Each skein costs $1.30. Past experience shows you need to have enough sweaters on-hand to fill the next month and one half of sales (approximately forty-five days). Also, you need enough yarn to manufacture the next month's production. Bb Help You will have 12,000 sweaters in finished inventory and 80,000 skeins of yarn in raw materials inventory as of December 31, 2015. You purchased $90,000 of yarn in December that must be paid for in January. The Company incurred $7,500 of overhead cost during December 2015, and $13,500 of selling expenses in My Groups the last half of December. These also must be paid in January. The company policy is to pay prior month's charges on account on the tenth day of the following month unless otherwise designated. Group 302.G Income Statements Actual or Projected Sales Actua Actua Projected Projected Projected Month November December anuary February March |Sales $240,000 $270,000 $300,000 $270,000 $210,000 Cost of sales 144,000 162,000 180,000 162,000 126,000 Gross margin 96,000 108,000 120,000 108,000 84,000 Operating Expenses: Selling 24,000 27,000 30,000 27,000 21,000Bb 07.08 Culminating Project: Budge X Homework Help - Q&A from Onl x C You Are The President Of Campu: x + X https://blackboard.boisestate.edu/webapps/blackboard/content/listContent.jsp?course_id=_92641_1&content_id=_6364998_1 K Group 302.G Income Statements Actual or Projected Sales Actua Actua Projected Projected Projected Month November December anuary February March Sales $240,000 $270,000 $300,000 $270,000 $210,000 Cost of sales 144,000 162,000 180,000 162,000 126,000 Gross margin 96,000 108,000 120,000 108,000 84,000 Operating Expenses: Selling 24,000 27,000 30,000 27,000 21,000 Administration 35,000 5,000 50,000 45,000 30,000 Rent 10,000 0,000 10,000 10,000 10,000 Sales salaries 20,000 20,000 20,000 20,000 20,000 Total 89,000 102,000 110,000 02,000 81,00 Operating Income 7,000 5,000 10,000 6,000 3,000 Interest Expense 0 ? Net Income $7,00 $6,000 A worker, using a knitting machine, can make five sweaters in an hour. The cost of direct labor per hour, including fringe, is $20.00. You incurred $13,000 of direct labor cost between December 16 and December 31, 2015 which will be paid on January 7, 2016. The manufacturing overhead rate is $5.00 per direct labor hour. All sweaters are sold wholesale to retail outlets at $30.00 each. Salaries and wages are paid as follows: The pay period from the first to the fifteenth of the month is paid on the twenty-second day of each month; the pay period from the sixteenth to the thirty-first is paid on the seventh day of the following month. Rent is paid in advance on the first day of each month. Fifty percent of the selling expenses are paid in the month incurred, and fifty percent in the following month. All manufacturing overhead and administrative costs are paid on the tenth day of the following month. The cash in the bank on December 31, 2015 was forecast at $30,000. There were no outstanding borrowings. The company has a $500,000 line of credit at 1296 per annum at the Old Rusty Bucket State Bank of Oreana. All borrowings, and any subsequent repayments, must be made on the fifteenth day of the month. All loan takedowns must be repaid by December 31, 2016. Repayments can be made when extra cash is available, but are due on the fifteenth day of any month. The company has the policy to have at least $25,000 in the bank account at the end of each month even if they have to borrow it. However, more may be required depending on cash needs during the first week of the following month. 20% of the sales are collected in the month of sale. Seventy percent are collected in the next month, and five percent are collected in the third month.Bb 07.08 Culminating Project: Budge X *Homework Help - Q&A from Onl x C You Are The President Of Campu: x + X - C https://blackboard.boisestate.edu/webapps/blackboard/content/listContent.jsp?course_id=_92641_1&content_id=_6364998_1 K Net Income $7,000 $6,000 A worker, using a knitting machine, can make five sweaters in an hour. The cost of direct labor per hour, including fringe, is $20.00. You incurred $13,000 of direct labor cost between December 16 and December 31, 2015 which will be paid on January 7, 2016. The manufacturing overhead rate is $5.00 per direct labor hour. All sweaters are sold wholesale to retail outlets at $30.00 each. Salaries and wages are paid as follows: The pay period from the first to the fifteenth of the month is paid on the twenty-second day of each month; the pay period from the sixteenth to the thirty-first is paid on the seventh day of the following month. Rent is paid in advance on the first day of each month. Fifty percent of the selling expenses are paid in the month incurred, and fifty percent in the following month. All manufacturing overhead and administrative costs are paid on the tenth day of the following month. The cash in the bank on December 31, 2015 was forecast at $30,000. There were no outstanding borrowings. The company has a $500,000 line of credit at 1296 per annum at the Old Rusty Bucket State Bank of Oreana. All borrowings, and any subsequent repayments, must be made on the fifteenth day of the month. All loan takedowns must be repaid by December 31, 2016. Repayments can be made when extra cash is available, but are due on the fifteenth day of any month. The company has the policy to have at least $25,000 in the bank account at the end of each month even if they have to borrow it. However, more may be required depending on cash needs during the first week of the following month. 209% of the sales are collected in the month of sale. Seventy percent are collected in the next month, and five percent are collected in the third month. >Use the information above to complete the following activities: Step 01: Prepare a production budget for Campus Sweaters, Inc. for each of the following months: January, February, March 2016. Step 02: Prepare a raw materials budget for each month. Step 03: Prepare a raw materials budget in dollars for each month. Step 04: Prepare a cost of goods manufactured schedule for each month. Step 05: Prepare a cash budget for each month. Step 06: Review your work. Make sure your budgets are free of calculation errors. Have someone else review your work for spelling or grammar errors. Your final document should be legible and presentation-ready. Prepare the document as if you were going to present it to a current or future employer. Step 07: Once you have reviewed the document, use the link below to submit your budget. Budgets must be submitted no later than Sunday at 11:59 p.m. Mountain Time. Good luck