I need help filling out the blanks on requirement four which is located on the first picture. The second picture is all of the problems i have completed so far. The third photo is more information. The fourth photo is simply data. Once again, please help so solve requirement four which is the very first picture.
Requirement 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Use the accounts payable balance at December 31 of prior year for the prior month payment in January) (Round your answers to the nearest whole dollar) Devon Manufacturing Cash Payments for Direct Materials Budget For the Quarter Ended March 31 Month January February 20% of current month DM purchases 80% of last month's DM purchases March Quarter Enter any number in the edit fields and then click Check Answer. 9 9 remaining parts Clear All Check Answer sary Priliny Dom WUOSIP P9-57A (similar to) Devon Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Devon Manufacturing's operations (Click the icon to view the data) (Click the icon to view additional data) Read the requirements Requirement 1. Prepare a schedule of cash collections for January February, and March, and for the quarter in total Devon Manufacturing Cash Collections Budget For the Quarter Ended March 31 Month January February March Quarter Cash sales $ 24,030 $ 26,730 $ 24,840 $ 75,600 53 200 56,070 62,370 171,640 Credits sales $ 77 230 $ 82,800 $ 87,210 $ 247 240 Total cash collections Requirement 2. Prepare a production budget (Hint Unit sales Sales in dollars / Selling price per unit) Devon Manufacturing Production Budget For the Quarter Ended March 31 Month January February March Quarter Un sales 8.900 9900 200 28.000 990 920 950 950 Plus Desired ending inventory Total needed 9,890 10,820 10,150 28,950 Less Beginning inventory 990 890 Units to produce 9,000 9,830 28,000 Requirements. Prepare a direct materials budget (Round your answers to the nearest whole dollar) Devon Manufacturing Direct Materials Budget For the Quarter Ended March 31 Month January February March Quarter Units to be produced 9,000 9,830 9,230 28,060 Multiply by Quantity (pounds) of DM needed per unit Quantity (pounds) needed for production 18.000 19.560 18,460 56,120 Plus Desired ending inventory of DM 3.932 3,692 3.764 3,764 Total Quanty (pounds) nooded 21,932 23352 22 224 59,834 Less Beginning inventory of DMI 3.600 3.932 3.692 3.600 Quantity (pounds) to purchase 18,332 19.420 18,532 56,284 Multiply by Cosi per pound 150 $ 1.50 $ 150 $ 150 Total cost of purchases $ 27.408 S 29.130 S 27.790 S 84.428 890 1 lule a. Actual sales in December were $76,000. Selling price per unit is projected to remain stable at $9 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January .... $ 80, 100 February $ 89,100 March S 82 800 April.. 85,500 May 17.400 b. Sales are 30% cash and 70% credit. All credit sales are collected in the month following the sale. c.Devon Manufacturing has a policy that states that each month's ending inventory of finished goods should be 10% of the following month's sales (in units) d.of each month's direct material purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two pounds of direct material is needed per unit at $1.50 per pound. Ending inventory of direct materials should be 20% of next month's production needs. e. Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is 0.03. The direct labor rate per hour is $13 per hour. All direct labor is paid for in the month in which the work is performed. The direct labor total cost for each of the upcoming three months is as follows: January .....$ 3,510 February $ 3,834 March $ 3,600 f. Monthly manufacturing overhead costs are $6,500 for factory rent, $2,900 for other fixed manufacturing expenses, and $140 per unit for variable manufacturing overhead No depreciation is included in these figures. All expenses are paid in the month in which they are incurred. g. Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Devon Manufacturing will purchase equipment for $5,800 (cash), while February's cash expenditure will be $11,600 and March's cash expenditure will be $15,800 h.Operating expenses are budgeted to be $1.20 per unit sold plus fixed operating expenses of $1,400 per month All operating expenses are paid in the month in which they are incurred. No depreciation is included in these figures Depreciation on the building and equipment for the general and administrative offices is budgeted to be $4,700 for the entire quarter which includes depreciation on new acquisitions. 1. Devon Manufacturing has a policy that the ending cash balance in each month must be at least $4,400. It has a line of credit with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a total outstanding loan balance of $125,000. The interest rate on these loans is 1% per month simple interest (not compounded) The kompany would pay down on the line of credit balance in increments of $1,000 if it has excess Tunds at the end of the quarter The company would also pay the accumulated interest at the end of the quarter on the funds borrowed during the quarter K. The company's come tax rate is projected to be 30% of operating income less interest expense. The company pays $10 800 cash at the end of February in estimated taxes. Data Table Current Assets as of December 31 (prior year) A A A A Cash Accounts receivable, net Inventory Property, plant, and equipment, net Accounts payable Capital stock Retained earnings... 4,460 49,000 15,300 123,000 43,000 127,000 23,200 A A A
