Reference Data table Pwmass, Inc., n Pipex. In late 2 pare budgets fc (Click the icon h budget.) (Click the icon Selected budgeted information for December 2020 follows: equirement 1. P xed manufacturin segin by preparing From December 2 From January 202 Total collections Customer invoices are payable within 30 days. From past experience, Snowmass's accountant projects 30% of invoices will be collected in the month invoiced, and 70% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 40% of direct materials purchases paid during the month of the purchase, and 60% paid in the month following purchase. Fixed manufacturing overhead costs include $11,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $7,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly. All property, plant, and equipment acquired during January 2021 were purchased on credit and did not ental any outhow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020, Snowmass's board of directors voted to pay a $180,000 dividend to stockholders on Jahuary 31, 2021. Reference Data table Snowmass' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. Other data include: The inventoriable unit cost for ending finished-goods inventory on December 31,2020 , is $250.00 Assume Snowmass uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Snowmass, ine, manulactures and sels snowbonds. Snownass manufactures a single medei, the Ppex, In late 2020, Snowrmass's management accountant gathered the following data to pepore budgets for January 2021: (Click the icon to view the budgoted balances and addisonal information pertaining to the cash budget.) (Cick the icon to vew the addesanat variable and foxed manulacturing cost information.) (Click the icon to view the materials and labor requirements, the direct materials imentaries, and additional inventory information) (Cick the icon lo view the following seiected January 2021 budgets Rievenue, Drect material purchases, Drect manulacturing labor cost, Variable manutacturing overtead and Ending isventary.) Read the requicements: Requirement 1. Prepare a cash budgot for January 2021. Show supperting schedules for the colculaton of colbesion of roceivables and paymens of accounts payable, and for disbursements for fxed manutacturng and operating (normenufactiring) overhoad Begin by preparing the supperting schedule for the calculation of colection of receivables. nowmass, inc, on Data table of 1 e Pipex. In late 2 epare budgets fo (Click the icon) ash budget) Budgeted balances at January 31, 2021 are as follows: Cash Accounts receivable Inventory Property, plant, and equipment (net) ? i) (Click the icon) Requirement 1. P Accounts payable Long-term liabilities ? ixed manufacturin Stockholders' equity ? Begin by preparing From December 2 From January 202 Total collections Selected budgeted information for Docember 2020 follows: Cash balance, December 31, 2020 \$ 12,000 Budgeted sales 1.780,000 Budgeted materials purchases 790,000 Customer invoices are payable within 30 days. From past experience, Snowmass's accountant projects 30% of involces wil be collected in the month invoiced, and 70% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 40% of diroct materials purchases paid during the month of the purchase, and 60% paid in the month following purchase. Fixed manufacturing overhead costs include $11,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $7,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) Ask my instructor Print Done s's management accountant gathered the following data to materials inventories, and additio Igeted balances and additional information pertaining to the (Click the icon to view the foll material purchases, Direct manuf Requirements 1. Prepare a cash budget for January 2021. Show supporting schedules for the calculation of collection of receivables and payments of accounts payable, and for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. 2. Snowmass is interested in maintaining a minimum cash balance of $140,000 at the end of each month. Will Snowmass be in a position to pay the $180,000 dividend on January 31 ? 3. Why do Snowmass's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? 4. Prepare a budgeted balance sheet for January 31,2021 by calculating the January 31, 2021 balances in (a) cash (b) accounts receivable (c) inventory (d) accounts payable and (e) plugging in the balance for stockholders' equity. Data table Snowmass' CEO expects to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CEO expects 2021 beginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. 3 materials and labo ditional inventory b following selectod anufacturing labor co payments of account Other data include