Werways Corporation pering its butget for the coming year 2020. The first step is to plan for the first quarter of that coming year. The company has therederomsintrom its managers preparation of the budgeting process Sales Unit sales for November 2010 112,000 Unit sales for December 2010 103,000 texpected unit sales for lanuary 2020 114,000 Expected and sales for w2020 113,000 Expected unt sales for March 2020 116,000 Expected sales for April 2020 124,000 Expected unt sales for May 2010 138,000 Uniting price 512 Waterways likes to keep son of the next month sales in ending wwentory All sales are on account of the Acable de collected in the month of sale, and 15 of the Accounts we collected in the month after sale. Accounts receivable on December 31, 2013, totalt 185.400 Direct Materials Derect matt 50 cents per pound Two pounds of direct materials are required to produce schnit Waterways likes to keep of the material needed for the next month sing sveitary Raw Materials on December 31, 2019, oted 11.30 Donde Payment for materiale made 15 cm paid in the month of purchase and 50% is paid in the month after purchase Accounts Payable on December 31, 2019. totaled 3104500 Direct Labor Labor require 12 minutes per un for completion and data rate of 59 per hour Manufacturing Overhead Indirect material 30 per bor hout En labor 50per aber heu Urte 50 per labor hour Der er hour 43,000 per mom Dipecat 116,500 Dah city 52100 per month OK Direct later Labor requires 12 minutes per unit for completion and in paidat rate of 99 pero Manuacturing Overhead Indirect materials 30% per labor hour Indirect labor sot per tabor hour Utilities sot per labor hour Maintenance of Berlabee hout 63,000 per month Depreciation $16,500 per month Property taxes $2,700 per month Insurance $1,300 per month Hatenance $1,200 per month Selling and Administrative Variable wing and administrative cost per unit is $1.50. Advertising $14,000 a month $1,400 a month Salaries $22,000 month Depreciation $2.000 a month Otherwcoste $3,000 a month Other Information The Cache balance on December 11, 2019, Totaled 5105.000, but management has decided it would like to maintain a cach balsoce of an $500.000 beginning on a 2020 Donds month rate of 2.40 per dare for 4500 che outstanding. The company has an open line of credit with Romney's Bank. The form of the nortement our brand to be $1,000 income Interest, Waterways borrows on the first day of the month and repayt on the last day of the month A $450,000 equipment surchase is planned for February For the first quarter of 2020, prepare a sales budget. WATERWAYS CORPORATION Sales Budget First Quarter February January March Quarter $ For the first quarter of 2020, prepare a production budget. WATERWAYS CORPORATION Production Budget First Quarter February March January Quarter 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 ar WATERWAYS CORPORATION Direct Materials Budget First Quarter February March January Quarter V > $ $ 5 For the first quarter of 2020, prepare a direct labor budget. (Round time per unit to nearest hour, e.g. 30 minutes will be round 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. first.) WATERWAYS CORPORATION Manufacturing Overhead Budget First Quarter January February March Quarter For the first quarter of 2020, prepare a selling and administrative budget. (Enter per unit expenses rounded to 2 de WATERWAYS CORPORATION Selling and Administrative Expense Budget First Quarter January February March Quarter $ $ $ $ $ $ $ $ $ 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 Schedule of Expected Cash Payments for Purchases January February March Quarter Accounts payable, 12/31/19 $ January February March Total payments For the first quarter of 2020, prepare a cash budget. (Round answers to 0 decimal places, c.g. 2,520.) WATERWAYS CORPORATION Cash Budget First Quarter January February March Quarter