Please answer in the same format
The Totals should come out to...
Total Sales: $4,098,000
Total required production units: $342,700
Total cost of direct material purchases: $515,048
Total Direct Labor Costs: $548,320
Total manufacturing overhead: $294,735
Total selling and administrative expenses: $828,100
Total collection from customers: $!,385,700
Total expected payments: $547,617.50
Ending Cash Balance for the Quarter: $1,473,575
Chapter 9 Waterways Continuing Problem Waterway Corporation Sales Budget For the First Quarter of 20xx First Quarter Waterway Corporation Direct Materials Budget For the First Quarter of 20xx First Quarter Waterway Corporation Manufacturing Overhead Budget For the First Quarter of 20xx First Quarter Schedule of Expected Collections from Customers \begin{tabular}{l|l|l|l|l|l|} \hline & \multicolumn{1}{c|}{ January } & \multicolumn{1}{c|}{ February } \\ \hline Accounts Receivable, 12/31/13 & Value & \\ \hline Title & Formula & Formula & Formula \\ \hline Title & & Formula & \\ \hline Title & & Formula \\ \hline Total cash collections & Formula & Formula & Formula \\ \hline \hline \end{tabular} Schedule of Expected Payment for Direct Materials Waterway Corporation Cash Budget For the First Quarter of 20xx First Quarter Waterways Continuing Problem (This is a continuation of the Waterways Problem from Chapters 1 through 8.) WCP9 Waterways Corporation is preparing its budget for the coming year, 2014. The first step is to plan for the first quarter of that coming year. Waterways gathered the following information from the managers. Sales Waterways likes 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 31,2013 , totaled $183,780. Metal, plastic, and rubber together are 75/ per pound per unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31,2013 , totaled $120,595. Raw Materials on December 31 , 2013, totaled 11,295 pounds. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour. Selling and Administrative Variable selling and administrative cost per unit is $1.60. Waterways Continuing Problem 11 Other Information The Cash balance on December 31, 2013, totaled $100,500, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31 , 2014. 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 Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $500,000 equipment purchase is planned for February. Instructions For the first quarter of 2014, do the following. (a) Prepare a sales budget. (b) Prepare a production budget. (c) Prepare a direct materials budget. (Round to nearest dollar) (d) Prepare a direct labor budget. (For calculations, round to the nearest hour.) (e) Prepare a manufacturing overhead budget. (Round amounts to the nearest dollar.) (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. (Round totals to nearest dollar) (i) Prepare a cash budget
