PLEASE INCLUDE ALL THE FORMULAS WHERE THEY WERE USED ALONG WITH THE SOLUTIONS!!!

THIS IS THE THIRD TIME I AM POSTING THIS QUESTION. BOTH THE ANSWERS I GOT THE FIRST TWO TIMES ARE COMPLETELY DIFFERENT FROM EACH OTHER. PLEASE DO NOT COPY AND PASTE FROM THOSE TWO PREVIOUS SOLUTIONS AS I WILL KNOW IT AND WILL REPORT YOU TO THE CHEGG ADMINISTRATION. IF YOU DO NOT KNOW HOW TO DO IT, THEN PLEASE LEAVE IT ALONE AND LET SOMEONE ELSE DO IT. THANK YOU!

Transcribed image text: The facts for this problem are presented below. Instructions - Your solutions should be clearly labeled. For the first quarter of 2020, 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 intermediate amounts to the nearest dollar) Rules: Use Excel's functionality to your benefit Points are lost for lack of formula (PLEASE INCLUDE ALL THE FORMULAS IN PLACES WHERE USED) Uso proper formats for schedules, following the referenced textbook examples Use dollar-signs and underscores where appropriate *Double-check your worki Verify your formula and logic! **YOU MUST PREPARE BUDGET DETAIL FOR EACH MONTH IN THE FIRST QUARTER" The company is preparing its budget for the coming year 2020. The first step is to plan for the FIRST QUARTER of that coming year. The following information has been gathered from their managers "YOU MUST PREPARE BUDGET DETAIL FOR EACH MONTH IN THE FIRST QUARTER Sales Information Penod Units November December January February March April May Unit selling price 98,000 Actual 87.000 Actual 96,000 Planned 97,000 Planned 99,000 Planned 107 000 Planned 118,000 Planned 10.00 Finished Goods Inventory Planning The company likes to keep 10% of the next month's unit sales in finished goods ending inventory. 100% Accounts Receivable & Collections Sales on Account Collections Activity Month of Sale Month after Sale Balance at 12/31/19 95% 5% 185,000.00 $ Materials Inventory Costs & Planning $ Direct Materials Amount Used per Unit Cost Metal 2 lb 1.00 lb The company likes to keep 5% of the material needed for the next month's production in raw materials ending inventory. 100% Accounts Payable & Disbursements Purchases on Account Payment Activity Month of Purchase Month after Purchase Balance at 12/31/19 55% 45% 120,000 S Direct Labor & Costs Time per Unit Production Pay Rate/Hour 12 minutes 5.00 $ $ 0.20 0.35 0.45 0.25 Manufacturing Overhead Costs Variable costs per direct labor hour Indirect materials Indirect labor Utilities Maintenance Fixed costs per month Salaries Depreciation Property taxes Insurance Janitorial $ 42,000 16,800 2,675 1,200 1,300 $ 1.20 $ Selling and Administrative Costs Variable costs per unit sold Fixed costs per month Advertising Insurance Salaries Depreciation Other fixed costs 15,000 14,000 72,000 25,000 3,000 Income Taxes Accrued on Monthly Net Income Amounts Accrued Q4 2019, paid January 2020 40% rounded to nearest dollar 200,000 $ $ Cash and Financing Matters Cash Balance, 12/31/2019 2020 Minimum Balance Required 74,000 585,000 $ Monthly Dividends Outstanding Shares 1.75 per share 5,000 Line of Credit Limit None Borrowing Increment Required $ 1,000 Interest Rate 7% Draws First of Month Repayments Last of Month Interest accumulates to the loan balance and is paid in full with each repayment. Additional Item Fixed Asset Purchase Month $ 365,000 February Transcribed image text: The facts for this problem are presented below. Instructions - Your solutions should be clearly labeled. For the first quarter of 2020, 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 intermediate amounts to the nearest dollar) Rules: Use Excel's functionality to your benefit Points are lost for lack of formula (PLEASE INCLUDE ALL THE FORMULAS IN PLACES WHERE USED) Uso proper formats for schedules, following the referenced textbook examples Use dollar-signs and underscores where appropriate *Double-check your worki Verify your formula and logic! **YOU MUST PREPARE BUDGET DETAIL FOR EACH MONTH IN THE FIRST QUARTER" The company is preparing its budget for the coming year 2020. The first step is to plan for the FIRST QUARTER of that coming year. The following information has been gathered from their managers "YOU MUST PREPARE BUDGET DETAIL FOR EACH MONTH IN THE FIRST QUARTER Sales Information Penod Units November December January February March April May Unit selling price 98,000 Actual 87.000 Actual 96,000 Planned 97,000 Planned 99,000 Planned 107 000 Planned 118,000 Planned 10.00 Finished Goods Inventory Planning The company likes to keep 10% of the next month's unit sales in finished goods ending inventory. 100% Accounts Receivable & Collections Sales on Account Collections Activity Month of Sale Month after Sale Balance at 12/31/19 95% 5% 185,000.00 $ Materials Inventory Costs & Planning $ Direct Materials Amount Used per Unit Cost Metal 2 lb 1.00 lb The company likes to keep 5% of the material needed for the next month's production in raw materials ending inventory. 100% Accounts Payable & Disbursements Purchases on Account Payment Activity Month of Purchase Month after Purchase Balance at 12/31/19 55% 45% 120,000 S Direct Labor & Costs Time per Unit Production Pay Rate/Hour 12 minutes 5.00 $ $ 0.20 0.35 0.45 0.25 Manufacturing Overhead Costs Variable costs per direct labor hour Indirect materials Indirect labor Utilities Maintenance Fixed costs per month Salaries Depreciation Property taxes Insurance Janitorial $ 42,000 16,800 2,675 1,200 1,300 $ 1.20 $ Selling and Administrative Costs Variable costs per unit sold Fixed costs per month Advertising Insurance Salaries Depreciation Other fixed costs 15,000 14,000 72,000 25,000 3,000 Income Taxes Accrued on Monthly Net Income Amounts Accrued Q4 2019, paid January 2020 40% rounded to nearest dollar 200,000 $ $ Cash and Financing Matters Cash Balance, 12/31/2019 2020 Minimum Balance Required 74,000 585,000 $ Monthly Dividends Outstanding Shares 1.75 per share 5,000 Line of Credit Limit None Borrowing Increment Required $ 1,000 Interest Rate 7% Draws First of Month Repayments Last of Month Interest accumulates to the loan balance and is paid in full with each repayment. Additional Item Fixed Asset Purchase Month $ 365,000 February