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The management team at Metlock 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 Metlock 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. - Budgeted selling price is $500 per mantel. Each mantel measures 3 inches 12 inches 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 41 units. - Metlock' primary DM, rough-cut cedar, is purchased from the supplier already at the desired height and depth (3 inches high, 12 inches deep). Metlock cuts the cedar planks to the desired 4-foot lengths. Each rough-cut board costs Metlock $50 per foot. - Target ending DM inventory (rough-cut cedar) is 50% of next month's production needs. - DL to sand, stain, and treat the rough-cut cedar costs $20 per hour. Each mantel requires one hour of labor time. - MOH resources include variable costs budgeted to be $10/ board foot, plus budgeted monthly Fixed MOH costs of $4,600. Depreciation of $1,900 is included in that monthly fixed cost. - SG\&A costs are also broken down into their variable and fixed components: budgeted variable $G&A costs are $50/ unit sold, while budgeted fixed monthly $G&A costs are $58,500, which includes $7,500 of depreciation. - 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. - Beginning finished goods inventory was held at a cost of $265 /unit from the prior year. Prepare the Sales forecast (and corresponding schedule of cash receipts) for Metlock Corp. Ilections from January Sales Ilections from February Sales \begin{tabular}{|} \hline 0 \\ \hline 0 \\ \hline \end{tabular} Ilections from March Sales al Cash Receipts Prepare the production budget for Metlock Corp. Prepare the DM purchases budget for Metlock Corp. Prepare the DL budget for Metlock Corp. Prepare the MOH budget for Metlock Corp. Prepare the SG\&A budget for Metlock Corp. Prepare the schedule of COGS for Metlock's first quarter. (Round intermediate calculations and final answers to 2 decimal places, e.g. 15.25.) $ : $ $ $ Prepare Metlock's budgeted income statement for the first quarter. (Round answers to 2 decimal places, e.g. 15.25.) The management team at Metlock 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 Metlock 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. - Budgeted selling price is $500 per mantel. Each mantel measures 3 inches 12 inches 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 41 units. - Metlock' primary DM, rough-cut cedar, is purchased from the supplier already at the desired height and depth (3 inches high, 12 inches deep). Metlock cuts the cedar planks to the desired 4-foot lengths. Each rough-cut board costs Metlock $50 per foot. - Target ending DM inventory (rough-cut cedar) is 50% of next month's production needs. - DL to sand, stain, and treat the rough-cut cedar costs $20 per hour. Each mantel requires one hour of labor time. - MOH resources include variable costs budgeted to be $10/ board foot, plus budgeted monthly Fixed MOH costs of $4,600. Depreciation of $1,900 is included in that monthly fixed cost. - SG\&A costs are also broken down into their variable and fixed components: budgeted variable $G&A costs are $50/ unit sold, while budgeted fixed monthly $G&A costs are $58,500, which includes $7,500 of depreciation. - 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. - Beginning finished goods inventory was held at a cost of $265 /unit from the prior year. Prepare the Sales forecast (and corresponding schedule of cash receipts) for Metlock Corp. Ilections from January Sales Ilections from February Sales \begin{tabular}{|} \hline 0 \\ \hline 0 \\ \hline \end{tabular} Ilections from March Sales al Cash Receipts Prepare the production budget for Metlock Corp. Prepare the DM purchases budget for Metlock Corp. Prepare the DL budget for Metlock Corp. Prepare the MOH budget for Metlock Corp. Prepare the SG\&A budget for Metlock Corp. Prepare the schedule of COGS for Metlock's first quarter. (Round intermediate calculations and final answers to 2 decimal places, e.g. 15.25.) $ : $ $ $ Prepare Metlock's budgeted income statement for the first quarter. (Round answers to 2 decimal places, e.g. 15.25.)