Please help. Thank you. Is this too long of a question?
The management team at Waterway Corporation is capitalizing on the trend for live-edge cedar fireplace mantels-beautiful, simple, organic. In fact, sales are so strong they are running out of inventory. This means that budgeting for next year will be extremely important, to ensure sure that Waterway can source enough cedar. With budgeted sales as the starting point for the entire process, the management team agrees that the following levels present the most likely scenario for the first five months of the upcoming year. In addition to sales volume, many other specifics are required in order to complete the company's operating budgets. Key details associated with prices, costs, and usage are as follows. - \\( \\quad \\) Budgeted selling price is \\( \\$ 500 \\) per mantel. Each mantel measures 3 inches \\( \\times 12 \\) inches \\( \\times 4 \\) feet. - Target ending inventory of finished mantels is \20 of next month's budgeted sales. However, beginning inventory on January 1 is expected to be only 39 units. - Waterway' primary DM, rough-cut cedar, is purchased from the supplier already at the desired height and depth (3 inches high, 12 inches deep). Waterway cuts the cedar planks to the desired 4-foot lengths. Each rough-cut board costs Waterway \\( \\$ 50 \\) per foot. - Target ending DM inventory (rough-cut cedar) is 50\\% of next month's production needs. - \\( \\quad \\) DL to sand, stain, and treat the rough-cut cedar costs \\( \\$ 20 \\) per hour. Each mantel requires one hour of labor time. - \\( \\quad \\mathrm{MOH} \\) resources include variable costs budgeted to be \\( \\$ 10 / \\) board foot, plus budgeted monthly Fixed MOH costs of \\( \\$ 4,100 \\). Depreciation of \\( \\$ 1,800 \\) is included in that monthly fixed cost. - \\( \\quad \\) SG\\&A costs are also broken down into their variable and fixed components: budgeted variable SG\\&A costs are \\$50/unit sold, while budgeted fixed monthly SG\\&A costs are \\( \\$ 61,000 \\), which includes \\( \\$ 7,500 \\) of depreciation. - \\( \\quad \\) All sales are made on account, with \25 paying in the month of sale and \70 paying in the month following the sale. The remainder is considered uncollectible. December sales in the prior year were budgeted to be \\( \\$ 233,000 \\). - \\( \\quad \\) Beginning finished goods inventory was held at a cost of \\( \\$ 270 / \\) unit from the prior year. Prepare the Sales forecast (and corresponding schedule of cash receipts) for Waterway Corp. Prepare the production budget for Waterway Corp. Prepare the DM purchases budget for Waterway Corp. Prepare the DL budget for Waterway Corp. Prepare the \\( \\mathrm{MOH} \\) budget for Waterway Corp. Prepare the SG\\&A budget for Waterway Corp. (b). Prepare the schedule of COGS for Waterway's first quarter. (Round intermediate calculations and final answers to 2 decimal places, e.g. 15.25.) \\( \\$ \\) \\( \\checkmark: \\) \\( \\$ \\) Save for Later Attempts: 0 of 2 used Submit Answer Prepare Waterway's budgeted income statement for the first quarter. (Round answers to 2 decimal places, e.g. 15.25.)
