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The following information pertains to X company for the first quarter of 2021: Balance sheet as of December 31, 2020: Cash Accounts Receivable Inventory (all finished goods) Property Plant and Equipment (net) Total Assets 25000 30000 20000 130000 205000 Accounts Payable Capital Stock Retained Earnings Total Liabilities and Equities 43000 126000 36000 205000 Actual sales in December were $80,010. Selling price per unit is expected to remain constant at the December rate of $10 per unit throughout the first quarter of 2021. Sales for the first 5 months of 2021 are budgeted as follows: Sales in $ Price per unit Units Sold December January 80010 75000 10 10 8001 7500 February 120000 10 12000 March 150000 10 15000 April 180000 10 18000 May 150000 10 15000 Sales are 40% cash and 60% credit. All credit sales are collected in the month following sale. X Company's policy is to maintain ending finished goods inventory at levels equal to 25% of next month's sales in units. 4 pounds of material is required to make each of X Company's products, with material costs running $1,75 per unit, Direct labor costs for production needs during the upcoming months is projected as follows: Month Labor Cost January February 4000 8500 March 11000 X Company's manufacturing overhead runs $9,000 fixed per month, with variable overhead running $1.25 per unit produced. Operating expenses for the first quarter of 2021 are budgeted to be $2,000 fixed per month, with variable operating expenses running $1.50 per unit sold. Depreciation expense is budgeted at $2000 per month for the first quarter of 2021. Required: 1. Prepare X Company's production budget for the first quarter of 2021 2. Prepare a schedule that computes the Company's cost of goods sold for the first quarter of 2021. Remember it is assumed in this problem (as well as the homework problem covered in class) that X Company maintains no work in process inventories 3. Compute X Company's operating income for each of the 3 months - January, February and March 2021 4. Prepare the cash collections budget for the first quarter of 2021