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Northern Illinois Manufacturing is preparing its budget for the coming year. The first step is to plan for the first quarter of the coming year. Northern Illinois gathered the following information from the managers. Northern Illinois wants to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale and 15\% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31 totaled 183,780. Direct Labor: Labor requires 12 minutes per unit for completion and is paid at a rate of $18 per hour. Manufacturing Overhead: SellingandAdministrativeExpenses: Variable selling and administrative cost per unit is $1.60. Other Information: The cash balance on December 31 totaled $100,500, but management has decided that it wants to maintain a cash balance of at least $800,000 beginning January 31 . Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The company has an open line of credit with the First National Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 8% interest. Northern Illinois borrows on the first day of the month and repays on the Other Information: The cash balance on December 31 totaled $100,500, but management has decided that it wants to maintain a cash balance of at least $800,000 beginning January 31. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The company has an open line of credit with the First National Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 8% interest. Northern Illinois borrows on the first day of the month and repays on the last day of the month. Reserve repayment, if required, until Northern Illinois can pay the entire amount. A $500,000 equipment purchase is planned for February. Instructions(Doallparts): Note: All budgets and schedules should be prepared by month for the first quarter (January, February, and March). Round all figures to the nearest dollar. For labor hours round to whole hours. a. Prepare a sales budget. b. Prepare a production budget. c. Prepare a direct materials budget. d. Prepare a direct labor budget. e. Prepare a manufacturing overhead budget. f. Prepare a selling and administrative budget. g. Prepare a schedule for expected cash collections from customers. h. Prepare a schedule for expected payments for materials purchases. i. Prepare a cash budget