Rittle Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Rittle Manufacturing's operations:

Data table

Current Assets as of December 31 (prior year):
Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$4,640
Accounts receivable, net. . . . . . . . . . . . .	$49,000
Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . .	$15,400
Property, plant, and equipment, net. . . . .	$121,000
Accounts payable. . . . . . . . . . . . . . . . . . . . .	$42,000
Capital stock. . . . . . . . . . . . . . . . . . . . . . . . .	$125,000
Retained earnings. . . . . . . . . . . . . . . . . . . . .	$22,700

Additional data

a.

Actual sales in December were $75,000. Selling price per unit is projected to remain stable at $11 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows:

January. . . . .	$96,800
February. . . .	$100,100
March. . . . . . .	$107,800
April. . . . . . . . .	$99,000
May. . . . . . . . . .	$95,700

b.

Sales are 20% cash and 80% credit. All credit sales are collected in the month following the sale.

c.

Rittle Manufacturing has a policy that states that each month's ending inventory of finished goods should be 25%

of the following month's sales (in units).

d.

Of each month's direct material purchases, 10% Are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two kilograms of direct material is needed per unit at $2.40/kg. Ending inventory of direct materials should be 30% of next month's production needs.

e.

Monthly manufacturing conversion costs are $4,500 for factory rent, $2,900 for other fixed manufacturing expenses, and $1.60

per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred.

f.

Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Rittle Manufacturing will purchase equipment for $6,200 (cash), while February's cash expenditure will be $11,600 and March's cash expenditure will be $17,000.

g.

Operating expenses are budgeted to be $1.10 per unit sold plus fixed operating expenses of $1,200 per month. All operating expenses are paid in the month in which they are incurred.

h.

Depreciation on the building and equipment for the general and administrative offices is budgeted to be $5,600 for the entire quarter, which includes depreciation on new acquisitions.

i.

Rittle Manufacturing has a policy that the ending cash balance in each month must be at least $4,800. It has a line of credit with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a total outstanding loan balance of $125,000. The interest rate on these loans is 2% per month simple interest (not compounded). Rittle Manufacturing pays down on the line of credit balance if it has excess funds at the end of the quarter. The company also pays the accumulated interest at the end of the quarter on the funds borrowed during the quarter.

j.

The company's income tax rate is projected to be 30% of operating income less interest expense. The company pays $11,600

cash at the end of February in estimated taxes.

Prepare a partial budgeted balance sheet for March 31. Include Loans Payable and Income Tax Payable. (Round your answers to the nearest whole dollar.)

Rittle Manufacturing
Partial Budgeted Balance Statement
March 31
	Cash	$4,875
	Accounts receivable, net	86,240
	Inventory	29,277
	Property, plant and equipment, net	150,200
	Accounts payable	40,597
	Income tax payable	7,102
	Financing payable	4,000
	Capital stock	125,000
	Retained earnings	66,338

HOW DO I GET THE INVENTORY AND ACCOUNTS PAYABLE NUMBER? PLEASE SHOW STEPS, THANK YOU