make a cash budget:

Grady White Boats manufactures and sells fishing boats. In June 2021, Grady Whites controller gathered the following data to prepare the July 2021 budget. Estimated Direct Materials needed is 11 feet of fiberglass per boat and 12 yards of sheetmetal per boat Estimated Direct manufacturing labor required is 5 hours per boat Grady Whites Controller expects to sell 3,400 boats during July 2021 at an estimated retail price of $950 per boat. Further, the Controller expects July 2021 beginning inventory of 600 boats and would like to end July 2021 with 300 boats in stock. The beginning fiberglass inventory on July 1, 2021 is expected to be 1,540 feet. and the ending balance is expected to be 2,040 feet. The June unit cost was $34.00 per foot and the July unit cost is projected to be $32.00 per foot. The beginning sheetmetal inventory on July 1, 2021 is expected to be 2,040 yards and the ending balance is expected to be 1,040 yards. The June unit cost was $9 per yard and the July cost is expected to be $8 per yard. Labor costs are $29 per hour in June and are expected to be $28 in July. Variable manufacturing overheard is $6 per direct manufacturing labor hour. Fixed manufacturing overhead costs budgeted for July 2020 are Labor $15,000, Maintenance, $6,000, Depreciation $64,000, Insurance $17,000 and property taxes of $14,000. Grady White Boats

variable manufacturing overhead rate is based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $220 per sales visit. The marketing plan calls for 40 sales visits during July 2021. Finally, fixed marketing costs budgeted for July 2021 are $4,000 for sales salaries and $6,000 in advertising. Administrative costs are expected to be $10,000 for administrative salaries, $8,000 for Legal and Accounting staff, $5,000 for data processing costs and $7,000 for depreciation. Finished-goods inventory on June 30, 2021 is valued $595.00 per unit. Assume Grady White uses a weighted-average inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Budgeted Balance Sheet balances as of June 30, 2021 are as follows: Cash - Accounts Receivable - Inventory - Property, plant and equipment (net) $1,175,600 Accounts Payable - Long-term liabilities $182,000 Stockholders equity $2,654,600 Selected budget information for June 2021 follows: Cash balance, June 30, 2021 $124,000 Budgeted sales $2,650,000 Budgeted materials purchases $820,000 Customer invoices are payable within 30 days. From past experience, Grady Whites accountant projects 40% of invoices will be collected in the month invoiced, and 60% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 50% of direct materials purchases paid during the month of the purchase, and 50% paid in the month following purchases. Fixed manufacturing overhead costs include $64,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and nonmanufacturing overhead costs are paid monthly. There was not any property, plant, and equipment acquired during July 2021. There were no borrowings or repayments with respect to long-term liabilities in July 2021.On June 15, 2021, Grady Whites board of directors declared a $162,880 dividend payable to stockholders on July 31, 2021. The Board actually paid $160,000 on July 31, 2021. The remaining amount will be paid on September 31, 2021