Waterways Corporation is preparing its budget for the coming year, 2025. The first step is to plan for the first quarter of that coming year: The compary has gathered nformation from its managers in preparation of the budgeting process: Waterways likes to keep 10% of the next montwis unit sales in ending inventory. All sales are on account. B5\$ of the Accounts Receivable are collected in the month of sale. and 15\% of the Accounts Receivable are collected in the month after sale. Accounts recelvable on December 31, 2024, totaled $185,400. DirectMaterials Direct inateribls cost do cents per pound. Two pounds of thifect materials are required to produce each unit. $120595 Labor requires 12 minutes per unit for completion and is paid at a rate of $6 per hour. Other Information The Cash balance on December 31, 2024, totaled $102,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31,2025. Dividends are pald each month at the rate of $2.70 per share for 4,690 shares outstanding. The company has an open line of credit with Romney's Bank The terms of the agreement requires borrowing to be in $1,000 increments at 6% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A s450,000 rqutpment purchate ts phanned for February (a) For the furst quarter of 2025 , prepare a sales budget. For the first quarter of 2025 , prepare a sales budget