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 Sales Unit sales for November 2019 112,000 Unit sales for December 2019 101,000 Expected unit sales for January 2020 114,000 Expected unit sales for February 2020 112,000 Expected unit sales for March 2020 115,000 Expected unit sales for April 2020 127,000 Expected unit sales for May 2020 136,000 Unit seling price $12 Waterways likes to keep 10% of the next month's unit sales in ending inventory. Al 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 receivable on December 31, 2019, totaled $181,800 Direct Materials Direct materials cost 80 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, 2019, totaled 11,300 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, 2019, totaled $102,875 Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Manufacturing Overhead Indirect materials 30t per labor hour Indirect labor 500 per labor hour Utilities 400 per labor hour Maintenance 304 per labor hour Salaries $41,000 per month Depreciation $16,200 per month Property taxes $3,000 per month CALCULATOR PRINTER VERSION BACK NEXT Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour Manufacturing Overhead Indirect materials 306 per labor hour Indirect labor 504 per labor hour Utilities 406 per labor hour Maintenance 304 per labor hour Salaries $41,000 per month Depreciation $16,200 per month Property taxes $3,000 per month Insurance $1,100 per month Maintenance $1,100 per month Selling and Administrative Variable selling and administrative cost per unit is $1.50 Advertising $15,000 a month Insurance $1,400 a month Salaries $71,000 a month Depreciation $2,300 a month Other fixed costs $3,000 a month Other Information The Cash balance on December 31, 2019, totaled $101.000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.40 per share for 5,340 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 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $460,000 equipment purchase is planned for February CALCULATOR PRIN For the first quarter of 2020, prepare a sales budget. WATERWAYS CORPORATION Sales Budget For the First Quarter of 2020 First Quarter January February March Quarter Expected Unit Sales Unit Selling Price $ $ $ Total Sales For the first quarter of 2020, prepare a production budget. WATERWAYS CORPORATION Production Budget January First Quarter February March Quarter CALCULATOR PRIN For the first quarter of 2020, prepare a direct materials budget. (Round cost per pound to 2 decimal places, e.g. 0.25 and all other answers 2,520.) WATERWAYS CORPORATION Direct Materials Budget First Quarter February March January Quarter . $ . $ $ $ $ CALCULATOR PRINTER VERS For the first quarter of 2020, prepare 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 February March January Quarter For the first quarter of 2020, prepare a manufacturing overhead budget. (Round overhead rate to 2 decimal places, e.g. 5.25 and all other answers e.g. 2,520. List Variable costs first.) WATERWAYS CORPORATION Manufacturing Overhead Budget First Quarter January February March Quarter ES CALCUL . : + . $ $ For the first quarter of 2020, prepare a selling and administrative budget. (Enter per unit expenses rounded to 2 decimal places. E. WATERWAYS CORPORATION Selling and Administrative Expense Budget First Quarter January February March Quarter CALCULATOS $ $ For the first quarter of 2020, prepare a schedule for expected cash collections from customers. Schedule of Expected Collections from Customers January February March Quarter Accounts receivable, 12/31/19 January sales February sales March sales Total cash collections For the first quarter of 2020, prepare a schedule for expected payments for materials purchases. (Round answers to 0 decimal places, Schedule of Expected Cash Payments for Purchases Total cash collections CALCULATOR PRINTER VERSION For the first quarter of 2020, prepare a schedule for expected payments for materials purchases. (Round answers to decimal places, 0.g. 2,520.) Schedule of Expected Cash Payments for Purchases January February March Accounts payable, 12/31/19 $ Quarter January February March Total payments For the first quarter of 2020, prepare a cash budget. (Round answers to o decimal places, e.g. 2,520.) WATERWAYS CORPORATION Cash Budget First Quarter January February March Quarter $ $ CALCULATOR PRINTER VERSION CB Click If you would like to Show Work for this question: Open Show Work wwerways Corporation is preparing les budget for the coming year, 2020. The first step is to plan for the first quarter of the coming year. The company has gathered information from its managers in preperation of the budgeting process. Sales Unit sales for November 2019 112,000 Unit sales for December 2019 101,000 Expected unt sales for January 2020 114,000 Expected unt sales for February 2020 112,000 Expected unit sales for March 2020 115,000 Expected unt sales for April 2020 127,000 Expected unit sales for May 2020 136,000 Unit selling price $12 Waterways likes to key 10% of the next month's unt sales in encing Inventory. All sales are on account. 85% of the accounts Receable are collected in the month at sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2019, totaled $181,800 Direct Materials Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit. Waterways ikes to keep 5% of the materials needed for the next month in its ending inventory. Rew Materials on December 31, 2023, totoed 11.380 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, 2019, totale $102,875. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Manufacturing Overhead Indirect materials 30 per labor hour Incirect labor 50c per labor hour Utilities 400 per labor hour Maintenance 300 per labor hour Salaries $41,000 per month Depreciation $15,200 per month Property taxes $3,000 per month Insurance $1,100 per month Maintenance $1,100 per month Selling and Administrative Variable selling and administrative cost per unit is $1.50 Advertising $15,000 a month Insurance $1,400 a month Salaries $71,000 a month Depreciation $2,300 a month Other fixed costs $3,000 a month Other Information The Cash balance on December 31, 2019, totaled $101,030, but management has decided it would like to maintain a cash balance of at least $800.000 beginning on January 31, 2020. Divends are paid each month at the rate of $2.40 per share for 5,340 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 99 interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $450.000 equipment purchase is planned for February For the first quarter of 2020, prepare a les budget. WATERWAYS CORPORATION Sales Budget For the First Quarter of 2020 First Quarter January February Expected Unit Sales : 114,000 112,000 March Quarter 341,000 115,000 Unit Selling Price . 12 12 12 Total Sales . 1,368,000 1,344,000 1,380,000 4,092,000 WATERWAYS CORPORATION Production Budget First Quarter February January Quarter 114000 112.00 . Ade! Desired Ending Director Total Red Units Less : Beginning Finished Goods Unt Required Production units For the first quarter of 2020, prepare direct materiais budget. (Round coat per pound to decimal me 0.25 and all other answers to decimal places, op 2,520.) WATERWAYS CORPORATION Direct Materials Button First Quarter February anuary For the first quarter of 2020, prepere a direct materials budget. (Round cost per pound te 2 decimal tocs es 2.25 and all other answers to decimal places, eg. 2.820.) WATERWAYS CORPORATION Direct Material Budget Marry First Quarter February . for the first quarter of 2020, prema direct labor budget. (Round time permitterehow, semunded to a hora) WATERWATS CORPORATION Direct Laber Ball January First Quarter February March For the first cuarter of 2020, prepare a manufacturing overticad budpet. (Round overhead rate to 2 decimal places, es. 5.25 and all other answers to decimal places, es 2.520. Ust WATERWAYS CORPORATION Manufacturing Overhead Budget First Quarter January February March Quarter : . . . : : : For the first cuarter of 2020, prepare a cash budget. (Round answers to decimal places, eg. 2.520.) WATERWAYS CORPORATION Cash Budget First Quarter January February . + . 3 EEEE Click if you would like to show Work for the question on Show fratter of 2020. Prepare a trenchcoctions from cones Schule of Expected Collection from Burtomer February Quarter anary for the first este o reprehendere parts for materials purchases round we decimal plass.2.50) Schedule of Expected Car Parts for Purcha January February March Quarter Formy For the fint curier 2020, prepareding and administrative budget (Enter per unit expenses rounded to decimal piece Ep 1.25) WATERMES CORPORATION and Adriepen Budget First Quarter Perry Quarter $