Show Attempt History Current Attempt in Progress 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. Sales 112.000 102.000 114,000 112,000 Unit Sales for November 2021 Unit sales for December 2021 Expected unit sales for January 2022 Expected unit sales for February 2022 Expected unit sales for March 2022 Expected unit sales for April 20122 Expected unit sales for May 2022 Unit selling price 117.000 124,000 139.000 $12 Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2021, totaled $183,600 Direct Materials Direct materials cost 80 cents per pound Two pounds of direct materials are required to produce each unit Waterways likes to keep 5% of the materials needed for the next month in its ending inventory Raw Materials on December 31, 2021 totaled 11,380 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 on December 31, 2021, totated $120.595. Direct Labor Labor requires 12 minutes per unit for completion and is paid at arate of $9 per hour Manufacturing Overhead Indirect materials 306 per labor hour Indirect labor 504 per labor hour Utilities 400 per labor hour Maintenance 200 per labor hour Salaries $42000 per month Depreciation $16,300 per month Property taxes $2,700 per month Insurance 31,300 per month Maintenance $1,300 per month Selling and Administrative Variable selling and administrative cost per unit is 5150 Advertising $2.000 month Insurance 51400 a month Salaries 570,000 a month Depreciation $2.200 a month Other fed costs $2.800 a month Other Information The Cash balance on December 31, 2021. totaled 5103.000, but management has decided it would like to maintain acash balance of at least $800.000 beginning on January 31, 2022 Dividends are paid each month at the rate of $2.30 per share for 4,960 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in 51.000 increments at 9% Interest Waterways borrows on the first day of the month and repays on the last day of the month A 5510,000 equipment purchase is planned for February For the first quarter of 2022, prepare a selling and administrative budget (Enter per unit expenses rounded to 2 decimal places.es 1.25) WATERWAYS CORPORATION Selling and Administrative Expense Budget First Quarter January February March Que $ $ $ $ $ 5 $ $ $ $ $ $ 5 $ 5 $ 5 5 $ LOGIC 10 can $ Advertising Budget Sales In Units Depreciation Insurance Other Salaries Total Fixed S&A Expenses Total S&A Expenses Total Variable S&A Expense Variable Expenses Per Unit Fixed Expenses