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 company has gathered information from its managers in preparation of the budgeting process. Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Recelvable 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 $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 31,2024 totaled 11,380 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchake, and 50% is is paid in the monthafter purchase. Accounts Payable on December 31, 2024, totaled $120.595, Other information The Cash balance on December 31, 2024, totaled $100,000, but management has decided it would like to maintain a casi balance of at least $800,000 beginning on January 31, 2025. Dividends are paid each month at the rate of $2.50 per ahare for 5,360 outstanding. The company has an open line of credit with Romney's bank. The terms of the agreement requires borrowing to $2,000 increments at 6% interest. Waterways borrows on the first day of the menth and repays on the last day of the menth: A $450,000 equipment purchase is planned for February. For the first quarter of 2025, prepare a direct labor budget. (Round time per unit to nearest houf, e.g. 30 minutesi will be rounded to 0.5 hours) For the furst quarter of 2025, prepare a direct labor budget (Round time per unit to nearest hour, es 30 minutes wifl be rounded to 0.5 hours)