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Requirement 8: Prepare a combined cash budget.

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$ 4,500 $ 53,000 $ 15,200 Current Assets as of December 31 (prior year): Cash Accounts receivable, net Inventory Property, plant, and equipment, .net. Accounts payable Capital stack. .... Retained earnings $ 123,000 $ 42,400 $ 124,000 22,500 $ a. Actual sales in December were $70,000. Selling price per unit is projected to remain stable at $10 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January February $ 80,000 $ 92,000 $ 99,000 March April $ 97,000 $ 85,000 May... 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 25% the following month's sales (in units). d. Of each month's direct material purchases, 20% are paid in the month of purchase, while the remainder is paid in the month following purchase. Two pounds of direct material is needed per unit at $2.00 per pound. Ending inventory of direct materials should be 10% 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 0.01. The direct labor rate per hour is $12 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 $ 996 February $ 1,125 March $ 1,182 f. Monthly manufacturing overhead costs are $5,000 for factory rent, $3,000 for other fixed manufacturing expenses, and $1.20 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 $5,000 (cash), while February's cash expenditure will be $12,000 and March's cash expenditure will be $16,000. h. Operating expenses are budgeted to be $1.00 per unit sold plus fixed operating expenses of $1,000 per month. All operating expenses are paid in the month in which they are incurred. No depreciation is included in these figures. i. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $4,400 for the entire quarter, which includes depreciation on new acquisitions. j. Devon Manufacturing has a policy that the ending cash balance in each month must be at least $4,000. 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 $150,000. The interest rate on these loans is 1% per month simple interest (not compounded). The company would pay down on the line of credit balance in increments of $1,000 if it has excess funds 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 income tax rate is projected to be 30% of operating income less interest expense. The company pays $10,000 cash at the end of February in estimated taxes. 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 Cash sales January February $ 24,000 $ 27,600 $ 49,000 56,000 March Quarter 29,700 $ 81,300 64,400 169,400 Credits sales $ 73,000 $ 83,600 $ 94,100 $ 250,700 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 March Quarter January 8,000 February 9,200 Unit sales 9,900 2,425 27,100 2,425 Plus: Desired ending inventory 2,300 2,475 Total needed 10,300 12,325 11,675 2,300 29,525 2,000 Less: Beginning inventory 2,000 2,475 8,300 9,375 9,850 27,525 Units to produce Requirement 3. Prepare a direct materials budget. (Round your answers to the nearest whole dollar.) Requirement 3. 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 March January 8,300 February 9,375 Quarter 27,525 9,850 2. 2 18,750 16,600 1,875 19,700 1,880 55,050 1,880 1,970 Units to be produced Multiply by: Quantity (pounds) of DM needed per unit Quantity (pounds) needed for production Plus: Desired ending inventory of DM Total quantity (pounds) needed Less: Beginning inventory of DM Quantity (pounds) to purchase Multiply by: Cost per pound 20,720 18,475 1,660 21,580 1,970 56,930 1,660 1,875 16,815 2.00 $ 18,845 2.00 $ 19,610 2.00 $ 55,270 2.00 $ $ 33,630 $ 37,690 $ 39,220 110,540 Total cost of DM purchases Requirement 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Use the accounts payable balance at December Devon Manufacturing Cash Payments for Direct Materials Budget For the Quarter Ended March 31 Month 20% of current month DM purchases January February March Quarter $ 6,726 $ 7,538 $ 7,844 $ 22,108 42,400 26,904 30,152 99,456 80% of last month's DM purchases $ 49,126 $ 34,442 $ 37,996 $ 121,564 Total cash payments Requirement 5. Prepare a cash payments budget for direct labor. Devon Manufacturing Cash Payments for Direct Labor Budget For the Quarter Ended March 31 Month January February March Quarter $ 996 $ 1,125 $ 1,182 $ 3,303 Total cost of direct labor Requirement 6. Prepare a cash payments budget for manufacturing overhead costs. (Round your answers to the nearest whole dollar.) Devon Manufacturing Cash Payments for Manufacturing Overhead Budget For the Quarter Ended March 31 Month Variable manufacturing overhead costs Rent (fixed) January February March Quarter $ 9,960 $ 11,250 $ 11,820 $ 33,030 5,000 5,000 5,000 15,000 3,000 3,000 9,000 3,000 Other fixed MOH $ 17,960 $ 19,250 $ 19,820 $ 57,030 Cash payments for manufacturing overhead Requirement 7. Prepare a cash payments budget for operating expenses. (Round your answers to the nearest whole dollar.) Devon Manufacturing Cash Payments for Operating Expenses Budget For the Quarter Ended March 31 Month Variable operating expenses Fixed operating expenses January February March Quarter $ 8,000 $ 9,200 $ 9,900 $ 27,100 1,000 1,000 1,000 3,000 $ 9,000 $ 10,200 $ 10,900 $ 30,100 Cash payments for operating expenses