Requirement 3. Prepare a direct materials budget. (Round your answers to the nearest whole dollar.) Martin Manufacturing Direct Materials Budget For the Quarter Ended March 31 Units to be produced Multiply by: Quantity (pounds) of DM needed per unit Quantity (pounds) needed for production Plus: Desired ending inventory of DM Total quantity (pounds) needed Less: Beginning inventory of DM Quantity (pounds) to purchase Multiply by: Cost per pound Total cost of DM purchases Requirements 1. 2. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. Prepare a production budget. (Hint: Unit sales = Sales in dollars Selling price per unit.) 3. Prepare a direct materials budget. Month 4. January February March Quarter 5. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Use the accounts payable balance at December 31 of prior year for the prior month payment in January.) Prepare a cash payments budget for direct labor. 6. Prepare a cash payments budget for manufacturing overhead costs. 7. Prepare a cash payments budget for operating expenses. 8. Prepare a combined cash budget. 9. Calculate the budgeted manufacturing cost per unit (assume that fixed manufacturing overhead is budgeted to be $0.80 per unit for the year). 10. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing one unit Number of units sold.) Print Done