Need Requirement 1 PLEASE

Pump Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Pump Manufacturing's operations: (Click the icon to view the data.) A (Click the icon to view additional data.) Requirements Requirement 1. Prepare a schedule of cash collections for January, February, and March and for the quarter in total. (Round your answers to the nearest whole dollar.) Pump Manufacturing Cash Collection Budget January February March Quarter Cash sales Credits sales Total cash collections Current Assets as of December 31 (prior year): Cash Accounts receivable, net A 4,640 52,000 15,300 123,000 42,000 125,000 22,800 Inventory ..................... Property, plant, and equipment, net......... Accounts payable. Capital stock Retained earnings .......... A A A $ a. Actual sales in December were $75,000. Selling price per unit is projected to remain stable at $11 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January......... $ 96,800 February ........ $ 100,100 March ............ $ 107,800 April............ $ 99,000 May............ $ 95,700 b. Sales are 20% cash and 80% credit. All credit sales are collected in the month following the sale. c. Pump Manufacturing has a policy that states that each month's ending inventory of finished goods should be 25% of the following month's sales in units). d. Of each month's direct material purchases, 10% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two kilograms of direct material is needed per unit at $2.40/kg. Ending inventory of direct materials should be 30% of next month's production needs. e. Monthly manufacturing conversion costs are $4,500 for factory rent, $2,900 for other fixed manufacturing expenses, and $1.60 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. f. Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Pump Manufacturing will purchase equipment for $6,200 (cash), while February's cash expenditure will be $11,600 and March's cash expenditure will be $17,000 g. Operating expenses are budgeted to be $1.10 per unit sold plus fixed operating expenses of $1,200 per month. All operating expenses are paid in the month in which they are incurred. h. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $5,900 for the entire quarter, which includes depreciation on new acquisitions. i. Pump Manufacturing has a policy that the ending cash balance in each month must be at least $4,800. 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 $100,000. The interest rate on these loans is 2% per month simple interest (not compounded). Pump Manufacturing ays down on the line of credit balance if it has excess funds at the end of the quarter. The company also pays the accumulated interest at the end of the quarter on the funds borrowed during the quarter. j. The company's income tax rate is projected to be 30% of operating income less interest expense. The company pays $11,600 cash at the end of February in estimated taxes