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Snowmass, Inc., manufactures and sells snowboarLo. Snowmass manufactures a single model, the Pipex. In late 2020, Snowmass's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) (Click the icon to view the additional variable and fixed manufacturing cost information.) Budgeted balances at January 31,2021 are as follows: Selected budgeted information for December 2020 follows: Customer invoices are payable within 30 days. From past experience, Snowmass's accountant projects 45% of invoices will be collected in the month invoiced, and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 35% of direct materials purchases paid during the month of the purchase, and 65% paid in the month following purchase. Fixed manufacturing overhead costs include $31,000 of depreciation costs and fixed operating (nonmanufacturinq) overhead costs include $12,000 of depreciation costs. Customer invoices are payable within 30 days. From past experience, Snowmass's accountant projects 45% of invoices will be collected in the month invoiced, and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 35% of direct materials purchases paid during the month of the purchase, and 65% paid in the month following purchase. Fixed manufacturing overhead costs include $31,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $12,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly. All property, plant, and equipment acquired during January 2021 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020, Snowmass's board of directors voted to pay a $140,000 dividend to stockholders on January 31,2021. Variable manufacturing overhead is $9 per direct manufacturing labor-hour. There are also $55,000 in fixed manufacturing overhead costs budgeted for January 2021. Snowmass combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $280 per sales visit. The marketing plan calls for 37 sales visits during January 2021. Finally, there are $34,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Snowmass' CEO expects to sell 2,000 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 300 snowboards and would like to end January 2021 with 500 snowboards in stock. Other data include: The inventoriable unit cost for ending finished-goods inventory on December 31,2020 , is $300.00. Assume Snowmass uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Revenue Budget For January 2021 Direct Materials Purchases Budget For January z021 Direct Manufacturing Labor Costs Budget Mirart Manufarturinn Lahor Costs Budaet Requirements 1. Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. 2. Snowmass is interested in maintaining a minimum cash balance of $100,000 at the end of each month. Will Snowmass be in a position to pay the $140,000 dividend on January 31 ? 3. Why do Snowmass's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? 4. Prepare a budgeted balance sheet for January 31,2021 by calculating the January 31,2021 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (e) plugging in the balance for stockholders' equity. Snowmass, Inc., manufactures and sells snowboarLo. Snowmass manufactures a single model, the Pipex. In late 2020, Snowmass's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) (Click the icon to view the additional variable and fixed manufacturing cost information.) Budgeted balances at January 31,2021 are as follows: Selected budgeted information for December 2020 follows: Customer invoices are payable within 30 days. From past experience, Snowmass's accountant projects 45% of invoices will be collected in the month invoiced, and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 35% of direct materials purchases paid during the month of the purchase, and 65% paid in the month following purchase. Fixed manufacturing overhead costs include $31,000 of depreciation costs and fixed operating (nonmanufacturinq) overhead costs include $12,000 of depreciation costs. Customer invoices are payable within 30 days. From past experience, Snowmass's accountant projects 45% of invoices will be collected in the month invoiced, and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 35% of direct materials purchases paid during the month of the purchase, and 65% paid in the month following purchase. Fixed manufacturing overhead costs include $31,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $12,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly. All property, plant, and equipment acquired during January 2021 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020, Snowmass's board of directors voted to pay a $140,000 dividend to stockholders on January 31,2021. Variable manufacturing overhead is $9 per direct manufacturing labor-hour. There are also $55,000 in fixed manufacturing overhead costs budgeted for January 2021. Snowmass combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $280 per sales visit. The marketing plan calls for 37 sales visits during January 2021. Finally, there are $34,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Snowmass' CEO expects to sell 2,000 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 300 snowboards and would like to end January 2021 with 500 snowboards in stock. Other data include: The inventoriable unit cost for ending finished-goods inventory on December 31,2020 , is $300.00. Assume Snowmass uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Revenue Budget For January 2021 Direct Materials Purchases Budget For January z021 Direct Manufacturing Labor Costs Budget Mirart Manufarturinn Lahor Costs Budaet Requirements 1. Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. 2. Snowmass is interested in maintaining a minimum cash balance of $100,000 at the end of each month. Will Snowmass be in a position to pay the $140,000 dividend on January 31 ? 3. Why do Snowmass's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? 4. Prepare a budgeted balance sheet for January 31,2021 by calculating the January 31,2021 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (e) plugging in the balance for stockholders' equity