The Master Budget Comprehensive summary problem Birdfeeders Unlimited makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores. $15 Sales price per birdfeeder 1.5 Board feet of wood required for each birdfeeder $4 Cost per board foot (actual) 10% Desired ending wood inventory stated as a percentage of next month's production requirements 20% Desired ending finished goods inventory (finished birdfeeders) stated as a percentage of next month's sales $550,000 Total cost of direct materials purchases in December 45% of direct materials purchases are paid in the month of purchase 55% of direct materials purchases are paid in the month after purchase Sales data for the company can be found on the "SALESDATA" tab. Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Units October actual sales (prior year) November actual sales (prior year)85,000 December actual sales (prior year) January projected sales February projected sales March projected sales April proiected sales 92,000 78,000 80,000 90,000 95,000 105,000 20% of the total sales are cash sales 80% of the total sales are credit sales The company's collection history indicates that 80% of credit sales is collected in the month after the sale 10% is collected two months after the sale 6% is collected three months after the sale 4% is never collected 4. Prepare the cash collections budget for January, February, and March, as well as a summary for the first quarter (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous calculations and requirements, if applicable. If you copy/paste from the Instruction tab you will be marked wrong.) Birdfeeders Unlimited Cash Collections Budget For the Quarter Ended March 31 Month anuar Februar March 1st Quarter Cash sales in current month Collection on credit sales: Credit sales made one month ago Credit sales made two months ago Credit sales made three months ago Total cash collections 5. Prepare the cash payments budget for direct materials purchases for the months of January, February, and March, as well as a summary for the first quarter (Always use cell references and formulas where appropriate to receive full credit. Use cell references from previous calculations and requirements, if applicable. If you copy/paste from the Instruction tab you will be marked wrong.) Birdfeeders Unlimited Cash Payments for Direct Materials Purchases For the Quarter Ended March 31 Month anuar Februar March 1st Quarter Total cost of DM purchase Cash payments for current month purchases Cash payments for prior month purchases Total cash payments