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1. WalCo is a manufacturing company. Assume the estimated inventories on January 1, 2016, for finished goods, work in process, and materials were $117,000, $36,000 and $27,000 respectively. Also assume the desired inventories on December 31, 2016, for finished goods, work in process, and materials were $126,000, $45,000 and $39,000 respectively. Direct material purchases were $557,000. Direct labor was $226,000 for the year. Factory overhead was $156,000. Prepare a cost of goods sold budget for CostMart, Inc. 2. Creed Company has accumulated the following budget information for the first two months of the coming year Sales. Manufacturing costs Selling and administrative expenses Capital additions June $526,000 315,000 35,400 200,000 July $470,000 405,000 36,400 The company expects to sell about 25% of its merchandise for cash. Of sales on account, 80% are expected to be collected in full in the month of the sale and the remainder in the month following the sale. two-fifths of the manufacturing costs are expected to be paid in the month in which they are incurred and the other three-fifths in the following month. Depreciation, insurance, and property taxes represent $4,600 of the probable monthly selling and administrative expenses. Insurance is paid in May and a $25,000 installment on income taxes is expected to be paid in July. Of the remainder of the selling and administrative expenses, one-half are expected to be paid in the month in which they are incurred and the balance in the following month. Capital additions of $200,000 are expected to be paid in June. Current assets as of June 1 are composed of cash of $54,000 and accounts receivable of $48,000. Current liabilities as of June 1 are composed of accounts payable of $101,500 ($78,000 for materials purchases and $23,500 for operating expenses). Management desires to maintain a minimum cash balance of $75,000. Prepare a monthly cash budget for June and July