Sleds, Inc, manufactures and sells snowboards. Sleds manufactures a single model, the Pipex In late 2020, Sieds'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) 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 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 tot disbursements for foxed manufacturing and operating inonmanufacturing) overhead Begin by preparing the supporting schedule for the calculation of collection of receivable Schedule of Cash Collections From December 2020 salon From January 2021 sales Total collections Next prepare the supporting schedule for the payments of accounts payable Schedule of Cash Payments for Accounts Payable From December 2020 purchase From January 2021 purchases Total cash payments for accounts payable Prepare the supporting schedule for disbursements for fixed manufacturing and operating (nonmanufacturing) overhead. Schedule of Cash Payments for Fixed Overhead Fixed manufacturing overhead Fixed operating (nonmanufacturing) overhoed Total cash payments for fixed overhead Prepare a canh budget for January 2021. (if an input field is not used in the table, leave the input field omoly, do not select a fabel or enter a 200.) Harbor Final ntation.pptx Thapter 2 lunary Sledi in manufactures and sale onowboardo. Sleds manutachures a single model, the milk that in tavitha materials that we Prepare a canh budget for January 2021, tan input ferd is not used in the table lewe the input field empty, do not select a label or enter a Toro) Sleds, Inc Cash Budget For Month Ending January 31, 2021 Cash balance beginning Add recept Collections from customers Total cash available for neede Deduct disbursement Direct materials Direct manufacturing bor Variable manufacturing overhead costo Fored manufacturing overhead coats Variable marketing costs Fixed operating normanufacturing) overhead coats Cash dividends w Yorker caption Total disbursement Cash baconding Requirement 4. Prepare a budgeted balance sheet for January 31, 2021 by calculating the January 31, 2021 balances in (a) cash ) accounts receivable (e) inventory counts payable and (e) plugging in the balance for stockholders equity Sleds, Inc. Budgeted Balance Sheet January 31, 2021 Assets Cash Accounts receivable Inventory Property, plant and equipment Y capt Total Liabilities and Stockholders Equity Accounts payable Long term liabities Stockholders equity Total X Data Table Budgeted balances at January 31, 2021 are as follows: Cash ? ? ? $ $ 851,000 Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long-term liabilities Stockholders' equity ? ed Fid 179,000 ? sd ca Sul mer Selected budgeted information for December 2020 follows: Cash balance, December 31, 2020 $ 11,000 Budgeted sales 1,640,000 Budgeted materials purchases 640,000 Customer invoices are payable within 30 days. From past experience, Sleds's accountant projects 35% of invoices will be collected in the month invoiced, and 65% 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 paid during the month of the purchase, and 75% paid in the month following purchase. Fixed manufacturing overhead costs include $13,000 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 All property, plant, and equipment acquired during January 2021 were purchased on credit for ayn 1 More Info Variable manufacturing overhead is $10 per direct manufacturing labor-hour. There are also $24,000 in fixed manufacturing overhead costs budgeted for January 2021. Sleds combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $260 per sales visit. The marketing plan calls for 35 sales visits during January 2021. Finally, there are $32,000 in fixed operating (nonmanufacturing) costs budgeted for January 2021. Data Table ime 202 Materials and Labor Requirements ble Direct materials Wood 8 board feet (b.f.) per snowboard Fiberglass 6 yards per snowboard Direct manufacturing labor 6 hours per snowboard Sleds' CEO expects to sell 1,800 snowboards during January 2021 at an estimated retail price of $550 per board. Further, the CEO expects 2021 beginning inventory of 500 snowboards and would like to end January 2021 with 700 snowboards in stock. bun Direct Materials Inventories Beginning Inventory Ending Inventory January January 1, 2021 31, 2021 2,010 b.f. 1,510 b.f. 1,010 yards 2,500 yards Wood Fiberglass Other data include: 2020 Unit Price 2021 Unit Price Wood $ 29.00 per b.f. $ 31.00 per b.f. Fiberglass $ 5.00 per yard $ 10.00 per yard Direct manufacturing labor $ 25.00 per hour $26.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2020, is $240.00 Assume Sleds uses a FIFO inventory method for both direct materials and finished goods. Ignore incl. in roce in our laulatione nl le A ng Reference on ca Revenue Budget For January 2021 Units Selling price Total revenues 1,800 $ 550 $ 990,000 Snowboards ng no Total Direct Materials Purchases Budget For January 2021 Materials Wood Fiberglass Physical Units Budget To be used in production 16,000 b.f. 12,000 yards Add target ending inventory Total requirement 17.510 1. 14,500 yards 2,010 Deduct beginning inventory b.f. 1,010 yards 15,500 13,490 Purchases to be made b.f. Cost Budget $ 480,500 $ 134,900 Purchases 1,510 6.1 2,500 yards able yards $ 615,400 Hing Direct Manufacturing Labor Costs Budget For January 2021 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate 2,000 6 12,000 $ 26 Total $ 312,000 Snowboards the | Variable manufacturing overhead costs Total labor hours Variable manufacturing overhead rate gil - Reference on ca Total requirement Deduct beginning inventory Purchases to be made Cost Budget Purchases 17,510 b.f. 2,010 b.f. 15,500 b.f. 14,500 yards 1,010 yards 13,490 yards 480,500 134,900 615,400 ng -no Direct Manufacturing Labor Costs Budget For January 2021 Output Units DMLH Total Hourly Produced Hours Wage Rate 6 12,000 $ 26 per Unit Total Snowboards 2,000 $ 312,000 Total labor hours 12,000 able Variable manufacturing overhead rate 10 Variable manufacturing overhead costs 120,000 S Ending Inventories Budget For January 2021 Quantity Cost per unit Total Hing Direct materials Wood Fiberglass 1,510 $ 31 $ 46,810 25,000 2,500 10 Finished goods Snowboard 375,200 700 $ 536 $ 447,010 Total ending inventory the ti