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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 Unit sales for December 2019 Expected unit sales for January 2020 Expected unit sales for February 2020 Expected unit sales for March 2020 Expected unit sales for April 2020 Expected unit sales for May 2020 Unit selling price 113,000 102,000 114,000 111,000 115,000 125,000 139,000 $12 Waterways likes to keep 10% of the next month's 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 $183,600. 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 11,370 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 $103,725. 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 50 per labor hour Maintenance 20 per labor hour Salaries $42,000 per month Depreciation $15,100 per month Property taxes $3,000 per month Insurance $1,100 per month Maintenance $1,300 per month Selling and Administrative Variable selling and administrative cost per unit is $1.50. Advertising $14,000 a month Insurance $1,300 a month Salaries $74,000 a month Depreciation $2,800 a month Other fixed costs $2,900 a month Other Information The Cash balance on December 31, 2019, totaled $102,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.30 per share for 4,750 shares outstanding. The company has an open line of credit with Romney's 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 $450,000 equipment purchase is planned for February. March WATERWAYS CORPORATION Sales Budget For the First Quarter of 2020 First Quarter January February 114000 111000 12.00 12 1368000 1332000 Quarter 340000 Expected Unit Sales 115000 12 12 Unit Selling Price Total Sales 1380000 4080000 For the first quarter of 2020, prepare a production budget. WATERWAYS CORPORATION Production Budget For the First Quarter of 2020 First Quarter January February March Expected Unit Sales 114000 111000 115000 Add. Desired Ending Finished Goods Unit 11100 11500 12500 Total Required Units 125100 122500 127500 Less Beginning Finished Goods Unit 11400 11100 11500 Quarter Required Production Units 113700 111400 116000 341100 WATERWAYS CORPORATION Direct Materials Budget For the First Quarter of 2020 First Quarter January February March Quarter Units to be produced 113700 111400 116000 2 2 227400 222800 232000 11140 11600 12640 238540 234400 244640 Direct Materials Per Unit Total Pounds Required for production Add. Desired Ending Inventory Total Materials Required Beginning Materials Inventory Direct Materials Purchases Cost Per Pound Total Cost of Direct Materials Purchases Less 11370 11140 11600 227170 223260 233040 0.80 0.80 0.80 $ 181736 178608 186432 546776 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 CORPORATION Direct Labor Budget For the First Quarter of 2020 First Quarter January February March Quarter Units to be produced 113700 111400 116000 341100 Direct Labor Time (Hours) Per Unit 0.2 0.2 0.2 0.2 Total Required Direct Labor Hours 22740 22280 23200 68220 Direct Labor Cost Per Hour 9 9 $ 9 $ $ $ Total Direct Labor Cost 204660 200520 208800 613980 $ For the first quarter of 2020, prepare a manufacturing overhead budget. (Round overhead rate to 2 decimal places, c.9. 5.25 and all other answers to o dec WATERWAYS CORPORATION Manufacturing Overhead Budget For the First Quarter of 2020 First Quarter January February March Quarter Variable costs $ 6822 6684 $ $ 6960 $ 20466 Indirect Materials Indirect labor 11370 11140 11600 34110 Utilities 11370 11140 11600 34110 Maintenance 4548 6684 6960 13644 34110 $ 35648 37120 102330 Total Variable Cost Forced Costs Salaries 42000 42000 42000 126000 Depreciation 15100 15100 15100 45300 3000 3000 3000 9000 Property Taxes Insurance 1100 1100 1100 3300 Maintenance 1300 1300 1300 3900 62500 62500 62500 187500 96610 98148 99620 289830 Total Foxed Costs Total Manufacturing Overhead Direct Labor Hours Predetermined overhead rate for the quarter 22740 22280 23200 68220 $ 4.25 For the first quarter of 2020, prepare a schedule for expected payments for materials purchases. (Round Schedule of Expected Cash Payments for Purchases January February March Quarter Accounts payable, 12/31/19 103725 $ 103725 January 90868 90868 0 181736 February 0 89304 89304 178608 March 93216 93216 Total payments 194593 180172 182520 557285 For the first quarter of 2020, prepare a selling and administrative budget. (Enter per unit expenses rounde WATERWAYS CORPORATION Selling and Administrative Expense Budget For the First Quarter of 2020 First Quarter January February March Quarter Budget Sales In Units 114000 111000 115000 340000 $ 1.50 $ 1.50 5 1.50 1.50 171000 166500 172500 510000 Variable Expenses Per Unit Total Variable S & A Expense Fixed Expenses Advertising 14000 $ 14000 $ 14000 $ 42000 Insurance 1300 1300 1300 3900 Salaries 74000 74000 74000 222000 Depreciation 2800 2800 2800 8400 Other 2900 2900 2900 8700 Total Fixed Expenses 95000 $ 95000 95000 $ $ 285000 Total S&A Expenses 266000 261500 267500 795000 For the first quarter of 2020, prepare a schedule for expected cash collections from customers. Schedule of Expected Collections from Customers January February March Quarter Accounts receivable, 12/31/19 183600 0 $ 183600 January sales 205200 1368000 February sales 1132200 199800 1332000 1162800 0 0 March sales 0 0 1173000 1173000 Total cash collections 1346400 1337400 $ $ 1372800 $ 4056600 WATERWAYS CORPORATION Cash Budget For the First Quarter of 2020 First Quarter January 102000 March Quarter February 799479 Beginning Cash Balance $ $ 929826 102000 Add Receipts 1346400 1337400 1372800 4056600 1448400 2136879 2302626 4158600 181736 178608 186432 546776 Collections From Customers Total Available Cash Less Disbursements Direct Materials Direct Labor Manufacturing Overhead Selling And Administrative Dividends Equipment Purchase 204660 200520 208800 613980 v 47400 47400 47400 142200 263200 258700 264700 786600 10925 10925 10925 32775 707921 1146153 718257 2572331 Total Disbursements Excess (Deficiency) Of Available Cash Over Cash Disbursements 740479 990726 1584369 1586269 Financing Add. Borrowings Less Repayments Interest Ending Cash Balance