The facts and figures relating to Irrigation Corporation are as follows. Irrigation Corporation produces plastic garden sprinklers. The company is preparing its budget for 2021. The first step is to plan for the first quarter of the coming year. Irrigation has collected the following information from the managers . 1 Sales: Sales for December 2020 Expected sales for January 2021 Expected sales for February 2021 Expected sales for March 2021 Expected sales for April 2021 Expected sales for May 2021 Selling price per unit 102,100 units 113, 000u units 112,500 units 116, 000u units 125,000 units 137, 50 units $4 Irrigation likes to keep 10% of the next month's unit sales in ending inventory . All sales are on credit. 95% of the accounts receivable are collected in the month of sale and 5% of the accounts receivable are collected in the month after sale. Accounts receivable on December 31, 2020, totaled \$183.780 . ar 2.Direct Materials: Two (3) pounds of direct materials is needed to produce one unit. Irrigation likes to keep 5% of the materials needed for the next month's production in its ending inventory. Raw materials on hand on December 31, 2020, totaled pounds. Payment for materials is made within 10 days. 70% is paid in the month of purchase, and 30% is paid after the month of purchase. Accounts payable on December 31, 2020, totaled $130,595. NB: You are to determine the price per pound logically from the Information provided here. 3 Direct Labor Labor requires 10 minutes per unit for completion and is paid at a rate of 15 per hour. 4. Manufacturing Overhead Indirect materials Indirect labor Utilities Maintenance Factory supervisor's salary Factory Depreciation $0.35 per direct labor hour $0.55 per direct labor hour $0.50 per direct labor hour $0.30 per direct labor hour $40,200 per month 18,600 per month Property taxes Insurance Repairs $ 2,765 per month 1,020 per month \$1,030 per month 5. Selling and Administrative expenses Salaries Advertising Insurance Office Depreciation Miscellaneous fixed costs Commission $ 70,200 per month $ 10,500 per month $ 1,040 per month $ 2,050 per month $3,050 per month $0.20 per unit of sales

Further information The cash balance on December 31 2020, totaled $700,500 Management has decided it would like to maintain a monthly cash balance of at least $300,000 beginning on January 31,2021, The company receives dividends @ $0.50 per share for 150,000 shares each month. The company has an open line of credit with National Bank. The terms of the agreement require borrowing to be in the increments of $10,000, and the interest rate is 6% pa. Irrigation borrows on the first day of the month and repays on the last day of the month if possible A $300,000 equipment purchase is planned for February 2021. Required The group should PREPARE the following documents for the first quarter (January, February & March ) of 2021 by using a MS EXCEL spreadsheet : a Sales Budget () Production Budget c Direct Materials Purchase Budget Direct Labor Budget ) Manufacturing Overhead Budget Selling and Administration Budget Budgeted Income statement h) Schedule of expected cash collections from customers Schedule for expected cash payments for materials purchases A Cash Budget .

AMIGO PECES and in the Fatah Abdul Soma od Group Project: Budgeting Eserce with MS Excel (2014) The Project The langues relating to get Corporation was follows. Writion Corporation un plastic de les company is preparingsbudget for 2021. The line to plan for the better of the coming yetion has collected the follow 1 Soles for December 2010 Expo2021 pe for de for March 2011 tracted actor 2 EM 2021 10.10 11 312.500 116 125.000 US 54 sutom 3. 6 7 B A 9 o w E R 2 Y U 1 7 8 - S D F G H J 1 K j L s 4 5 0 > X C 9 B V N 2 M dan ACTIS COUPORT Pred View Nils en of the accounts are collected in the mouth of sales of the counts rele se collected in the monthshes sale Accounts receivable on December 11, 2012, total, 2 Let Me Two [3) pounds of demands is needed to producene un Ingation to keep of the matelakeed for the rest 'spection indigentory a material hund on December 31, 2030, le 12.795 pound went formats made within 30 days to puid in the the purch do pode the month of purchase. Account De 1.000 oled 10.5/5 Not You are time the price from branded here 1 Director Labore 10perforation and ofte lab Maintenance bobo Sober So. 50 500 per SIRED 52.70 SLO Weert 6 8 U 7 E T R 8 1 5 G D 4 K H DAE B 1 N S M ACCES GROUPPROACT Fatma Alda Sandham View . Manufacturin Overhead Indred metal Indirect labor Undies Mance Focuperor's way Factory Depreciation Property tam 30.35 per direct labor hour Sa per direct labor hour $0.50 per direct labor how 30-30 per direct labor hour $40.200 per month $11.60 per month $2.765 per month $1,020 per month 51,030 per month die Other Depreciation M $70200 per month $10.00 per month $1,000 $2.00pm 5 , $0.20 per te 4 6 . V 9 1 O A W E R Y o U P E 1 7 C D F G H . 3 L . s 4 X C V $ B N 2 . ACETRACT Theich December 11, 2020, tuled 500 Management has deed it would ta man a monthly chance of at 500,000 beginning out.2021 The company to dedicat per here for 150.000 shares each month The compte of edit with National Bank. The threement boss the woman the West Nation on the first day of the hand on the day of their per 45300.000 phone for 2001 The PREPARE mentform MOMEXCEL 14 M. in Schem D 7 8 9 w E R Y U 7 8 1 4 S D F G H K 4 C V B N M 2 . The Project The facts and figures relating to Irrigation Corporation are as follows. Irrigation Corporation produces plastic garden sprinklers. The company is preparing its budget for 2021. The first step is to plan for the first quarter of the coming year. Irrigation has collected the following information from the managers. 1. Sales: Sales for December 2020 Expected sales for January 2021 Expected sales for February 2021 Expected sales for March 2021 Expected sales for April 2021 Expected sales for May 2021 Selling price per unit 102,100 units 113,000 units 112,500 units 116,000 units 125,000 units 137,500 units $4 Irrigation likes to keep 10% of the next month's unit sales in ending inventory. All sales are on credit. 95% of the accounts receivable are collected in the month of sale and 5% of the accounts receivable are collected in the month after sale. Accounts receivable on December 31, 2020, totaled $183,780. 2. Direct Materials Two (3) pounds of direct materials is needed to produce one unit. Irrigation likes to keep 5% of the materials needed for the next month's production in its ending inventory. Raw materials on hand on December 31, 2020, totaled 12,295 pounds. Payment for materials is made within 10 days. 70% is paid in the month of purchase, and 30% is paid after the month of purchase, Accounts payable on December 31, 2020, totaled $130,595. NB: You are to determine the price per pound logically from the information provided here. 3. Direct Labor Labor requires 10 minutes per unit for completion and is paid at a rate of $15 per hour. Manufacturing Overhead 4. Indirect materials Indirect labor Utilities Maintenance Factory supervisor's salary Factory Depreciation Property taxes Insurance Repairs $0.35 per direct labor hour $0.55 per direct labor hour $0.50 per direct labor hour $0.30 per direct labor hour $40,200 per month $18,600 per month $ 2,765 per month $ 1,020 per month $ 1,030 per month 5. Selling and Administrative expenses Salaries Advertising Insurance Office Depreciation Miscellaneous fixed costs Commission $70,200 per month $10,500 per month $ 1,040 per month $ 2,050 per month $ 3,050 per month $0.20 per unit of sales Further information The cash balance on December 31, 2020, totaled $700,500. Management has decided it would like to maintain a monthly cash balance of at least $300,000 beginning on January 31, 2021. The company receives dividends @ $0.50 per share for 150,000 shares each month, The company has an open line of credit with National Bank. The terms of the agreement require borrowing to be in the increments of $10,000, and the interest rate is 6% pa. Irrigation borrows on the first day of the month and repays on the last day of the month if possible. A $300,000 equipment purchase is planned for February 2021. Required The group should PREPARE the following documents for the first quarter (January, February & March) of 2021 by using a MS EXCEL spreadsheet: Sales Budget (b) Production Budget (c) Direct Materials Purchase Budget (d) Direct Labor Budget (e) Manufacturing Overhead Budget ( Selling and Administration Budget (s) Budgeted income statement Schedule of expected cash collections from customers Schedule for expected cash payments for materials purchases 0 A Cash Budget OSOS ESS Project instructions: 1. This group project requires the use of EXCEL spreadsheets to prepare various budgets for a manufacturing company