Waterways Corporation is preparing its budget for the coming year, 2022. 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 114,000 101,000 112,000 Sales Unit sales for November 2021 Unit sales for December 2021 Expected unit sales for January 2022 Expected unit sales for February 2022 Expected unit sales for March 2022 Expected unit sales for April 2022 Expected unit sales for May 2022 Unit selling price 113,000 117,000 126,000 138.000 $12 Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% 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 tecelvatile on December 31, 2021, totaled $181.800. Direct Materials Direct materials costo cents per pound. Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory Raw Materials on December 31, 2021 totaled 11.210 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase and 50% is paid in the month after purchase Accounts Payable on December 31, 2021. totaled $120.595. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of 59 per hour Manufacturing Overhead Indirect materials 306 perbehoor Indirect labor so per labor hour Utilities per tibor hour Maintenance 104 per tabor hour month Salaries Depreciation Property taxes $41,000 $16.400 per month $2.800 per month Insurance 51.200 per month Maintenance $3200 per month Selling and Administrative Variable seiling and administrative cost per units 51.70 Advertising $14000 month Insurance $1.300 a month Salaries $73,000 a month Depreciation $2900 3 month Other forecasts $200 a month Other information The Cashwance on December 31, 2001. od 5102.000, but has decided it would to maintain a cash balance of at least 5700.000 beginning on my 31, 2022. Dividends are paid each month terate of $2.30 perselor 5.140 shares outstanding. The company has an con line of credit Romney Bank The terms of the green ruires borrowing to be $1.000 increment interest Wateways borrows on the first day of the month and the last day of the month A 5550.000 en purchasis planned for February For the first quarter of 2022prepare a direct labor budget. (Round time per unit to nearest hour, e.g. 30 minutes will be rounded to 0.5 hours) WATERWAYS CORPORATION Direct Labor Budget First Quarter January February March $ $ $ $ $ Attromatolikus Gun An ect labor budget. (Round time per unit to nearest hour, e.g. 30 minutes will be CORPORATION bor Budget First Quarter February March Quarter I $ $ $ $ $
