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2. Martin Manudacturing is preparing its master budget for the first quarter of the upooming year. The following data pertain to Martin Manu'acturing's operations: 1( Click the icon to view the data.) a(click the icon to view additional data.) Read the requirements. Requirement 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. Roquirement 2. Prepare a production budget. (Hint Unit sales = Sales in dollars + Selling price per unit.) Martin Manufacturing Production Budgot For the Quarter Ended March 31 Requirement 3. Prepare a drect materials budget. (Round your answers to the nearest whole dollar.) Requirement 4. Prepare a cash payments budget for the drect material purchases from Requirement 3. (Use the accounts payable balanoe at December 31 of prior year for the prior month payment in January.) (Found your answers to the nearest whole dollar.) Martin Manufacturing Cash Payments for Direct Materials Budgot For the Quarter Ended March 31 Requirement 5. Prepare a cash payments budget for direct labor. Requirement 6. Prepare a cash payments budget for manudacturing orerhead oosts. (Foound your answers to the nearest whole dollar.) Martin Manufacturing Cash Payments for Manufacturing Overhead Budget For the Quarter Ended March 31 Requirement 7. Prepare a cash payments budget for operating expenses. (Pound your answers to the nearest whole dollar.) Martin Manufacturing Cash Payments for Operating Expenses Budgot For the Quarter Ended March 31 Requirement 8. Prepare a combined cash budget. (it an input field is not used in the table, leave the input field empty; do not enter a zero. Use parentheses or a minus sign for negative cash balances and financing payments.) Requilrement 9. Caloulate the budgeted manufacturing cost per unit (assume that flxed manufacturing overhead is budgeted to be $0.80 pe unit for the year), (Round your answer to the nearest cent.) Requirement 10. Prepare a budgeted inoome statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manudacturing one unit x Number of units sold.) (Round your answers to the nearest whole dollar.) Martin Manufacturing Budgeted Income Statement For the Quarter Ended March 31 Sales revenue Less: Cost of goods sold Gross proft Less: Operating expenses Less: Depreciation expense Operating income Less: Interest expense Less: Income tax expense Net income 1: Data Table Current Assets as of December 31 (prior year): 2: More Info a.Actual sales in December were $70,000. Selling price per unit is projected to remain stable at $10 per unit throughout the budget period. Sales for the first five months of the upooming year are budgeted to be as follows: b.Sales are 30% cash and 70% credit. All credit sales are colected in the month following the sale. c.Martin Manudacturing has a policy that states that each month's ending inventory of finished goods should be 25 of the following month sales (in units). d. Of each month's direct material purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two pounds of direct material is needed per unit at $2.00 per pound. Ending inventory of direct materials should be 10% of next month's production needs. e. Most of the labor at the manudacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is 0.01 . Tt direct labor rabe per hour is $12 per hour. All drect labor is paid for in the month in which the work is pertormed. The direct labor total cos for each of the upooming three months is as follows: t. Monthly manufacturing overhead costs are $5,000 for tactory rent, $3,000 for other fiwed manudacturing expenses, and $1.20 per unt for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred. g.Compuber equipment for the administrative ollices will be purchased in the upcoming quarter. In January, Martin Manudacturing will purchase equipment for $5,000 (cash), while February's cash expendihure will be $12,000 and March's cash expenditure will be $16,000. h.Operating expenses are budgeted to be $1.00 per unit sold plus fixed operating expenses of $1,000 per month. All operating expenses a paid in the month in which they are incurred. No depreciation is included in these figures. L. Depreciation on the building and equipment for the general and administrative offices is budgeted to be $4, e0o for the entire quarter, whik. includes depreciation on new acquisions. 1. Martin Manudacturing has a policy that the ending cash balance in each month must be at least $4,000. It has a line of credt with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a botal outstanding loan balance of $150,000. The interest rate on these loans is 1% per month simple interest (not compounded). The company would pay down on the line of credt balance in increments of $1,000 if it has exoess funds at the end of the quarter. The company would also pay the aocumulated interest at the end of the quarter on the funds borrowed during the quarter. k. The compary's inoome tax rate is projected to be 30% of operating inoome less interest expense. The company pays $10,000 cash at tha end of February in estimabed tawes. 3: Requirements 1. Prepare a schedule of cash collections for danuary, February, and March, and for the quarter in botal. 2. Prepare a production budget. (Hint Unit sales = Sales in dollars + Selling pribe per unit.) 3. Prepare a direct materials budget. 4. Prepare a cash payments budget for the direct material purchases from Requirement 3 . (Use the accounts payable balance at December 31 of prior year for the prior month payment in January.) 5. Prepare a cash payments budget for direct labor. 6. Prepare a cash payments budget for manudacturing overhead costs. 7. Prepare a cash payments budget for operating expenses. 8. Prepare a combined cash budget. 9. Calculate the budgeted manufacturing cost per unit (assume that fiwed manufachuring overhead is budgeted to be $0.80 per unit for the year). 10. Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold = Budgeted cost of manufacturing one unit x Number of units sold.)