please answer 8-10 Requirement 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. Dalton Manufacturing Cash Collections Budget For the Quarter Ended March 31 Month January February March Quarter Cash sales 34800 41580 40320 Credits sales 46150 34860 77220 158230 Total cash collections 80950 76440 117540 274930 Requirement 2. Prepare a production budget. (Hint: Unit sales = Sales in dollars Selling price per unit.) Dalton Manufacturing Production Budget For the Quarter Ended March 31 Month January February March Quarter Unit sales 8300 9900 9600 27800 Plus: Desired ending inventory 990 960 900 2850 Total needed 9290 10860 10500 30650 Less: Beginning inventory 830 990 960 830 Units to produce 8460 9870 9540 29820 Requirement 3. Prepare a direct materials budget. (Round your answers to the nearest whole dollar.) Dalton Manufacturing Direct Materials Budget For the Quarter Ended March 31 Month January February March Quarter Units to be produced 8460 9870 9540 29820 Multiply by: Quantity (pounds) of DM needed per unit 2 2 2 2 Quantity (pounds) needed for production 16920 19740 19080 59640 Plus: Desired ending inventory of DM 3948 3816 3584 11348 Total quantity (pounds) needed 20868 23556 22664 70988 Less: Beginning inventory of DM 3384 3948 3816 11148 Quantity (pounds) to purchase 17484 19608 18848 59840 Multiply by: Cost per pound 2 2 2 2 Total cost of DM purchases 34968 39216 37696 Requirement 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Use the accounts payable balance at December 31 of prior year for the prior month payment in January.) (Round your answers to the nearest whole dollar.) Dalton Manufacturing Cash Payments for Direct Materials Budget For the Quarter Ended March 31 Month January February March Quarter 20% of current month DM purchases 6994 7843 7540 22377 80% of last month's DM purchases 43000 27975 31373 102348 Total cash payments 35818 38913 124725 Requirement 5. Prepare a cash payments budget for direct labor. Dalton Manufacturing Cash Payments for Direct Labor Budget For the Quarter Ended March 31 Month January February March Quarter Total cost of direct labor 3807 4442 4293 Requirement 6. Prepare a cash payments budget for manufacturing overhead costs. (Round your answers to the nearest whole dollar.) Dalton Manufacturing Cash Payments for Manufacturing Overhead Budget For the Quarter Ended March 31 Month January February March Quarter Variable manufacturing overhead costs 9130 10890 10560 30580 Rent (fixed) 5500 5500 5500 16500 Other fixed MOH 2900 2900 2900 8700 Cash payments for manufacturing overhead 17530 19290 18960 55780 Requirement 7. Prepare a cash payments budget for operating expenses. (Round your answers to the nearest whole dollar.) Dalton Manufacturing Cash Payments for Operating Expenses Budget For the Quarter Ended March 31 Month January February March Quarter Variable operating expenses 10375 12375 11520 34270 Fixed operating expenses 1800 1800 1800 5400 Cash payments for operating expenses 12175 14175 13320 Requirement 8. Prepare a combined cash budget. (If an input field is not used in the table leave the input field empty; do not enter a zero. Use parentheses or a minus sign for negative cash balances and financing payments.) Dalton Manufacturing Combined Cash Budget For the Quarter Ended March 31 January Beginning cash balance Plus: Cash collections Total cash available Less: cash payments: Direct material purchases Direct labor Manufacturing overhead costs Operating expenses Tax payment Equipment purchases Total cash payments Ending cash balance before financing Financing: Plus: New borrowings Less: Debt repayments Less: Interest payments Total financing Ending cash balance February March Quarter Requirement 9. Calculate the budgeted manufacturing cost per unit (assume that fixed manufacturing overhead is budgeted to be $ 0.90 per unit for the year). (Round your answer to the nearest cent.) Dalton Manufacturing Budgeted Manufacturing Cost per Unit For the Quarter Ended March 31 Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead costs per unit Fixed manufacturing overhead costs per unit Budgeted cost of manufacturing one unit Requirement 10. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing one unit Number of units sold.) (Round your answers to the nearest whole dollar.) Dalton Manufacturing Budgeted Income Statement For the Quarter Ended March 31 Sales revenue Less: Cost of goods sold Gross profit Less: Operating expenses Less: Depreciation expense Operating income Less: Interest expense Less: Income tax expense Net income Current Assets as of December 31 (prior year): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,600 Accounts receivable, net . . . . . . . . . . . . . . . $47,000 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,500 Property, plant, and equipment, net . . . . . . . . . . . . $122,500 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . $43,000 Capital stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $124,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . $22,500 a. Actual sales in December were $ 71 comma 000 . Selling price per unit is projected to remain stable at $ 12 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January . . . . . . . . $99,600 February . . . . . . . $118,800 March . . . . . . . . . . $115,200 April . . . . . . . . . . . $108,000 May . . . . . . . . . . . . $103,200 b. Sales are 35 % cash and 65 % credit. All credit sales are collected in the month following the sale. c. Dalton 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. Three pounds of direct material is needed per unit at $ 2.00 per pound. Ending inventory of direct materials should be 20 % 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 0.05 . The direct labor rate per hour is $ 9 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 . . . . . . . . $3,807 February . . . . . . . $4,442 March . . . . . . . . . . $4,293 f. Monthly manufacturing overhead costs are $ 5 comma 500 for factory rent, $ 2 comma 900 for other fixed manufacturing expenses, and $ 1.10 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, Dalton Manufacturing will purchase equipment for $ 5 comma 000 (cash), while February's cash expenditure will be $ 12 comma 200 and March's cash expenditure will be $ 16 comma 600. h. Operating expenses are budgeted to be $ 1.25 per unit sold plus fixed operating expenses of $ 1 comma 800 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 $ 5 comma 100 for the entire quarter, which includes depreciation on new acquisitions. j. Dalton Manufacturing has a policy that the ending cash balance in each month must be at least $ 4 comma 000 . It has a line of credit with a local bank. The company can borrow in increments of $ 1 comma 000 at the beginning of each month, up to a total outstanding loan balance of $ 140 comma 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 comma 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 comma 000 cash at the end of February in estimated taxes.