Skulas, Inc., manufactures and sells snowooards. Skulas manufactures a single model, the Pipex. In late 2020, Skulas's management accountant gathered the following data to prepare budgets for January 2021: FS (Click the icon view the budgeted balances and additional information pertaining to the cash budget.) (Click the Icon view the additional variable and fixed manufacturing cost Information.) (Click the icon to view the materials and labor requirements, the direct materials inventaries, and additional inventory information.) (Click the icon to view the following selected January 2021 budgets: Revenue, Direct material purchases, Direct manufacturing labor cost. Variable manufacturing overhead and Ending inventory.) Read the requirements. Requirement 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. Begin by preparing the supporting schedule for the calculation of collection of receivables. Schedule of Cash Collections From December 2020 sales From January 2021 sales Total collections Next prepare the supporting schedule for the payments of accounts payable. - X - X Data Table Data Table Budgeted balances at January 31, 2021 are as follows: Materials and Labor Requirements Cash ? Direct materials ? ? Wood Fiberglass Direct manulacturing labor 9 board feet (b.f.) per snowboard 7 yards per snowboard 8 hours per snowboard $ 852,000 Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long term liabilities Stockholders' equity ? 180,000 Skulas' CEO experts to sell 1,300 snowboards during January 2021 at an estimated retail price of $650 per board. Further, the CFO expects 2021 heginning inventory of 600 snowboards and would like to end January 2021 with 600 snowboards in stock. ? Selected budgeted Information for December 2020 follows: Cash balancu, December 31, 2020 $ Budgeted sales 12,000 Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2.020 b.f. 1,520 b.f. 1.750,000 Wood Print Dono Print Done -X Data Table Data Table Budgeted sales Budgeted materials purchases 1.750,000 700,000 Beginning Inventory January 1, 2021 Ending Inventory January 31, 2021 Wood 2,020 b.f. 1,520 b.r. Fiberglass 1,020 yards 2.020 yards Customer invoices are payable within 30 days. From past experience, Skulas's accountant projects 45% of invoices will be collected in the month Invoiced, and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 25% of direct materials purchases pald during the month of the purchase, and 75% pald in the month following purchase. Other data include: 2020 Unit Price 2021 Unit Price Wood $ 30.00 per bal $ Fixed manufacturing overhead costs include $11,000 of depreciation costs and fixed operating (nonmanufacturing) overhead costs include $8,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and operating (nonmanufacturing) overhead costs are paid monthly 32.00 per b.f. 7.00 per yard $ $ Fiberglass Direct manufacturing labor 6.00 per yard 26.00 per hour $ $ 27.00 per hour All property, plant, and equipment acquired during January 2021 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2021. On December 15, 2020, Skulas's board of directors voted to pay a S125,000 dividend to stockholders on January 31, 2021. The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $250.00. Assume Skulas uses a FIFO inventory method for both direct materials and finisher gaads. Ignore work in process in your calculations. Print Dono Print Done i Reference Skulas, Inc., manufactures and sells snowboards. Skulas manufactures a single model, the Pipex. In la 2020, Skulas's management accountant gathered the following data to prepare budgets for January 20 Click the icon to view the budgeted balances and acditional information pertaining to the cash bu (Click the icon to view the additional variable and fixed manufacturing cost information.) Revenue Budget For January 2021 Units Selling price Total revenues 1,300 $ 650 $ 845.000 - i More Info Snowboards Variable manufacturing overhead is $8 per direct manufacturing labor-hour. There are also $20.800 in fixed manufacturing overhead costs budgeted for January 2021. Skulas combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocaled at the rate of $270 per sales visit. The marketing plan calls for 38 sales visits curing January 2021. Finally, there are $33,000 in fixed operating inonmanufacturing) costs budgeted for January 2021. Direct Materials Purchases Budget For January 2021 Materials Wood Fiberglass Total Physical Units Budget To he used in production 11,700 b.f. 9,100 yards Print Done 1,520 b.t. 2.020 yards Add target ending inventory Choose from any list or enter any number in the input fields and then continue to the next questi Print Done Reference manufactures a s wing data to prep Hitional informatio Vood TIery ass Tulan manufacturing Physical Units Budget To be used in production 11,700 b.f. 1,520 b.f. 9,100 yards 2,020 yards Add target ending inventory Total requirement Deduct beginning inventory 11,120 yards Show supporting d. 13,220 b.f. 2,020 b.f. 1,020 yards 10.100 yards ution of collection 11,200 Purchases to be made b.f. Cost Budget $ 358,400 $ 70,700 $ $ 429,100 Purchases 429,100 Direct Manufacturing Labor Costs Budget For January 2021 accounts payable elds and then c Print Done d Skulas, Inc., manufactures and sells snowboards. Skulas manufactures a single 2020, Skulas's management accountant gathered the following data to prepared Click the icon to view the budgeted balances and additional Information per (Click the icon to view the additional variable and fixed manufacturing cost in Vuuuuyu $ 358,400 $ 70,700 S 429,100 Purchases Schedule of Cash Payments for Accounts Payable From December 2020 purchases From January 2021 purchases Direct Manufacturing Labor Costs Budget For January 2021 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate 1,300 8 10.400 $ 27 Total Snowboards $ 280,800 Total cash payments for accounts payable Total labor hours Variable manufacturing overhead rate Prepare the supporting schedule for disbursements for fixed manufacturing and Variable manufacturing overhead costs = S 83,200 10,400 8 Schedule of Cash Payments for Fixed Overhead Fixed manufacturing overhead Ending Inventories Budget For January 2021 Fixed operating (nonmanufacturing) overhead Print Done Choose from any list or enter any number in the input fields and then continu Reference - 10,400 8 $ 83,200 Ending Inventories Budget For January 2021 Quantity Cost per unit Total Direct materials Wood 1,520 $ 32 $ 48,640 Fiberglass 2,020 7 14,140 Finished goods Snowboard 600 $ 633 379,800 $ 442,580 Total ending inventory Print Done Skulas, Inc., manufactures and sells snowboards. Skulas manufactures a single model, the Pipex. In late 2020. Skulas's management accountant gathered the following data to prepare budgets for January 2021: (Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) Click the icon to view the additional variable and fixed manufacturing cost information.) E (Click the icon to view the materials and labor requirements, the direct materials inventories, and additional inventory information.) (Click the icon to view the following selected January 2021 budgets: Revenue, Direct material purchases, Direct manufacturing labor cost, Variable manufacturing overhead and Ending inventory.) Read the requirements Prepare a cash budget for January 2021. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Skulas, Inc. Cash Budget For Month Ending January 31, 2021 Cash balance, beginning Add receipts Total cash available for needs Naruct Hiehuramente Choose from any list or enter any number in the innut fields and then continue to the next question Total cash available for needs Deduct disbursements Choose from any list or enter any number in the input fields and then continue to the next question. Read the requirements. Total disbursements Cash balance, ending Requirement 2. Skulas is interested in maintaining a minimum cash balance of $95,000 at the end of each month. Will Skulas be in a position to pay the $125,000 dividend on January 31? be in a position to pay the $125,000 dividend on January 31. Requirement 3. Why do Skulas's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? Skulas's managers prepare a cash budget in addition to the operating income budget to If Skulas is profitable Requirement 2. Skulas is interested in maintaining a minimum cash balance of $95,000 at the end of each month. Will Skulas be in a position to pay the $125,000 dividend on January 31? be in a position to pay the $125,000 dividend on January 31. Requirement 3. Why do Skulas's managers prepare a cash budget in addition to the revenue, expenses, and operating income budget? Skulas's managers prepare a cash budget in addition to the operating income budget to V If Skulas is profitable Skulas's managers may then need to on an accrual accounting basis, Building a profitable operating plan that adequate cash will be available. Requirement 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. Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 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. Skulas, Inc. Budgeted Balance Sheet January 31, 2021 Assets: Total Liabilities and Stockholders' Equity: Total