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P9-60B Comprehensive budgeting problem (Learning Objectives 2 & 3) Presidio Manufacturing is preparing its master budget for the first quarter of the upcom. ing year. The following cata pertain to Presidio Manufacturing's operations: Current assets as of December 31 (prior yeark Cash............. $4,600 Accounts receivable, net... $ 50,000 Inventory........... $ 15,000 Property, plant, and equipment, net. $120,000 Accounts payable............. $ 43,000 Capital stock........ $126,000 Retained earnings $ 23,200 March a. Actual sales in December were $71,000. Selling price per unit is projected to remain stable at S12 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January $ 99,600 February... 5118,800 5115,200 April........... $108,000 May. 5103,200 b. Sales are 35% cash and 65% credit. All credit sales are collected in the month follow. ing the sale c. Presidio Manufacturing has a policy that states that each month's ending inventory of finished goods should be 10% of the following month's sales (in units). d. Of each month's direct materials purchases, 20% are paid for in the month of pur- chase, while the remainder is paid for in the month following purchase. Three pounds of direct material is needed per unit at $2.00 per pound. Ending inventory of direct materials should be 20% of next month's production needs. . Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is 0.05. The direct labor rate per hour is $9 per hour. All direct labor is paid for in the month in which the work is performed. The direct labor total cost for each of the upcoming three months is as follows