Waterways Continuing Problem 24 a-i (Part Level Submission) Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process.

PART B please.

Waterways Continuing Problem 24 - (Part Level Submission) Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the trst quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process, Sales Unit sales for November 2019 113,000 Unit sales for December 2019 101.000 Expected unit Sales for January 2020 112,000 Expected unit sales for February 2020 114,000 Expected unit sales for March 2020 116,000 Expected unt sales for April 2020 126.000 Expected unit sales for May 2020 139,000 Unit selling price $12 Waterways likes to keep 10% of the next month's unit selesin ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Recevatie are collected in the month after sale. Accounts receivable on December 31, 2019, totaled 181,300 Direct Materials Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unt waterways Ikes to keep of the materials needed for the next month in its ending Inventory. Raw Materials on December 31, 2019, totoed 11,220 pounds. Payment for materies is made within 15 days so is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2019, totaled $102,605 Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour Manufacturing Overhead nh Therals 30t per labor hour Indirect labor sot per labor hour Utilities Sot per labor hour Maintenance 30per labor hour Salaries $42.000 per month Depreciation $17.500 per month Property taxes $2.000 per month Insurance $1,400 per month Maintenance $1,500 per month Maintenance $1.500 per month Selling and Administrative Variable selling and administrative cost per unit is $1.50. Advertising $14,000 a month Insurance $1,400 a month Salaries 571,000 a month Depreciation $2,600 a month Other fixed costs $2,900 a month Other Information The Cash balance on December 31, 2019, totaled 599,000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.50 per share for 5,040 shares outstanding. The company has an openine of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $530,000 equipment purchase is planned for Fabruary Your answer is correct For the first quarter of 2020, prepare a sales budget WATERWAYS CORPORATION Sales Budget Form First Quarter of 2020 First Quarter January February Expected sales 112000 114000 March Quarter 342000 116000 12 12 12 12 144000 1361000 1392000 4104000 Click if you would like to show Work for this question Open Show Work (b) For the first quarter of 2020, prepare a production budget. WATERWAYS CORPORATION Production Budget First Quarter February March January Quarter Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT (c) The parts of this question must be completed in order. This part will be available when you complete the part above