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Waterways Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Waterways likss to lasep 10% of the next month's unit sales in ending imentory. All sales are an account. 85\% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Recsivable are collected in the month after sale. Accounts recaivable on Decamber 31, 2021, totaled \$183,600. Direct Materials Direct matarials cost 90 cents per pound. Two pounds of dirsct materials are required to produce each unit. Waterways liks to kesp 5% of the materials nasded for the next month in its ending imvantory. Raw Materials an December 31, 2021 tataled 11,390 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable an December 31, 2021, totalad \$120,595. Direct Labor Labor requires 12 minutes per unit for complation and is paid at a rats of $9 per hour. Other Information The Cash balance on December 31, 2021, totalod $103,000, but manazement has decided it would liks to maintain a cash balance of at least $800,000 beginning on January 31, 2022. Dividends are paid each month at the rate of $2.30 par share for 4,960 shares outstandine. The company has an open line of credit with Romney's Bank. The terms of the agreament requires borrowing to be in $1,000 increments at 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $510,000 equipment purchase is planned for February. For the first quarter of 2020, prepare a schedule for expected payments for materials purchases. (Round answers to 0 decimal places, e.g. 2,520.) eTextbook and Media Solution