Only need requirment 7-10 done, the rest is completed

Comprehensive Budgeting Assignment Jesper Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Jesper Manufacturing's operations: Current Assets as of December 31 (prior year): Cash Accounts receivable, net Inventory Property, plant, and equipment, net Accounts payable Common stock Retained earnings $4,460 $52,000 $15,400 $122,000 $44,000 $126,860 $23,000 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 Februar March April May $80,100 $89,100 $82,800 $85,500 $77,400 b. Sales are 30% cash and 70% credit. All credit sales are collected in the month Touwmg the sale. c. Jesper 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 kilograms of direct material is needed per unit at $1.40/kg. Ending inventory of direct materials should be 20% of next month's production needs. e. Monthly manufacturing conversion costs are $6,500 for factory rent, $2,900 for other fixed manufacturing expenses, and $1.40 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. 1. Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Jesper Manufacturing will purchase equipment for 55,800 (cash), while February's cash expenditure will be $11,600 and March's cash expenditure will be $15,800 g. 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. h. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $5,600 for the entire quarter, which includes depreciation on new acquisitions. i. Jesper 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 $130,000. The interest rate on these loans is 1% per month simple interest (not compounded). Jesper Manufacturing pays 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 $10,800 cash at the end of February in estimated taxes. Requirements: 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total 2. Prepare a production budget. (Hint: Unit sales = Sales in dollars / Selling price per unit.) 3. Prepare a direct materials budget. 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. 5. Prepare a cash payments budget for conversion costs. 6. Prepare a cash payments budget for operating expenses. 7. Prepare a combined cash budget. 8. Calculate the budgeted manufacturing cost per unit. (Assume that fixed manufacturing overhead is budgeted to be $0.80 per unit for the year.) 9. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold Budgeted cost of manufacturing each unit x Number of units sold.) 10. Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Tax Payable. Requirement. Prepare a combined cash budget. (Leave any unused cells blank. Use parentheses or a minus sign for negative cash balances and financing payments. Round your answers to the nearest cent.) Jesper Manufacturing Combined Cash Budget January February March Quarter Cash balance, beginning Add cash collections Total cash available Less cash payments: Direct material purchases Conversion costs Operating expenses Equipment purchases Tax payment Total cash payments Excess (deficiency) of cash Financing: Borrowings Repayments Interest payments Total financing Cash balance, ending Financing: Borrowings Repayments Interest payments Total financing Cash balance, ending Requirement 8 Calculate the budgeted manufacturing cost per unit. (Assume that fixed manufacturing overhead is budgeted to be S 0.80 per unit for the year.) (Round your answers to the nearest cent.) Jesper Manufacturing Budgeted Manufacturing Cost per Unit Direct materials cost per unit Conversion costs per unit Fixed manufacturing overhead per unit Budgeted cost of manufacturing each Requirement 9. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold =Budgeted cost of manufacturing each unit x Number of units sold.) (Round your answers to the nearest whole dollar.) Jesper Manufacturing Budgeted Income Statement For the Quarter Ending March 31 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Operating income Less: interest expense Less: provision for income taxes Net income Requirement 10. Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Tax Payable. (Round your answers to the nearest whole dollar.) Jesper Manufacturing Partial Budgeted Balance Statement March 31 Cash Accounts receivable, net Inventory Property, plant and equipment, net Accounts payable Income tax payable Financing payable Common stock Retained earnings 31 answers March Quarter January January $80,100 February February 589.100 Sales in dollars (a) 5252,000 Selling price per unit (b) $9 59 582,800 59 9.200 Sales in Units (a/b) 8.900 9,900 28,000 Add: Desired ending Inventory 19,900*10/100); (9.200*10/100) (585,500/S9 = 9,500*10/100) 990 920 950 2,860 Less: Beginning Inventory (8,900*10/100) (ending Inventory in last month will be the beginning inventory in present month) 890 990 920 2.800 Units to be produced 9,000 9,830 9,230 28,060 3) Jesper Manufacturing Direct Materials Budget January Febrrary March Quarter Units to be produced (a) 9,000 9,830 9,230 28,060 x kg of DM needed per unit (b) Quantity (kg) needed for production 18,000 19,660 18,460 56,120 Plus: Desired ending inventory of DM (19,660*20/100); (18,460*20/100); (577,400/S9 = 8,600*10/100 - 860-9,500-950 = 9,410*2 - 18,820*20/100) 3.932 3.692 3.764 11,388 Total quantity (kg) needed) 21,932 23,352 22,224 67,508 Less: Beginning inventory of DM (18,000*20/100) (ending inventory in last month will be the beginning inventory in present month) 3.600 3.692 11.224 Quantity (kg) to purchases (c) 18,332 3.932 19,420 $1.40 $27,188 $1.40 x Cost per kg (d) Total cost of DM (c* d) 18,532 $1.40 $25,945 56,284 $1.40 $78,798 $25,665 4) Jesper Manufacturing Cash Payments for Direct Material Purchases Budget January February December purchases (from accounts payable) S44,000 March Quarter $44,000 $25,665 55,133 $20,532 55,438 S27,188 January purchases ($25,665*20/100): (525,665*80/100) February purchases (527,188*20/100): (527,188*80/100) March purchases ($25,945*20/100) Total cash payments for DM purchases $21,750 55.189 55.189 $49,133 $25,969 $26,939 $102,042 5) Jesper Manufacturing Cash Payments for Conversion Costs Budget January February March Quarter Variable conversion costs (9,000 * 51.40): (9,830 * $1.40); (9,230 51.40) Rent (fixed) $12,600 $6,500 $2,900 $22,000 $13,762 56,500 $2,900 $23,162 S12,922 56,500 $2.900 $22,322 839,284 519,500 $8.700 $67.484 Other fixed MOH Total payments for conversion costs 5) Jesper Manufacturing Cash Payments for Conversion Costs Budget is January February March Quarter Variable conversion costs (9,000 - $1.40): 19,830 - $1.40); 19,230 * 51.40) $39.284 $19,500 Rent (fixed) $12,600 $13,762 $6,500 $6,500 $2900 52.900 $22,000 $23,162 S12,922 56,500 $2.900 $22.322 Other fixed MOH 58.700 567,484 Total payments for conversion costs 6) Jesper Manufacturing Cash Payments for Operating Expenses Budget January February March Quarter Variable operating expenses (9,000 - $1.20); (9,830 $1.20): (9,230 * $1.20) Fixed operating expenses $10,800 $1.400 $12,200 $11.796 51.400 $13,196 511,076 51.400 $12.476 $33,672 1.200 3772 Total payments for operating expenses Comprehensive Budgeting Assignment Jesper Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Jesper Manufacturing's operations: Current Assets as of December 31 (prior year): Cash Accounts receivable, net Inventory Property, plant, and equipment, net Accounts payable Common stock Retained earnings $4,460 $52,000 $15,400 $122,000 $44,000 $126,860 $23,000 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 Februar March April May $80,100 $89,100 $82,800 $85,500 $77,400