WILEYPLUS HW PROBLEM

WATERWAY!!

For the first quarter of 2022, prepare a direct materials budget. (Round cost per pound to 2 decimal ploces, eg 0.25 and oll other answers to 0 decimal places, eg. 2,520.) Question 1 of 1 5.28/20 i (b) Youranswer is correct. For the first quarter of 2022 . prepare a production budget. Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Current Attempt in Progress 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. 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 rectivable on December 31,2021 , totaled $181,800. DirectMaterials Direct materials cost 80 cents per pound, Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5 K of the materials needed for the next month in its ending inventory. Raw Materlats on December 31, 2021 totaled 11,290 pounds. Payment for materials is made within 15 days, 50 S is paid in the month of purchase, and 50x is paid in the month after purchase. Accounts Payable on December 31,2021 , totaled $120,595. 0.44/1:1 Question 1 of 1 For the first quarter of 2022. prepare a direct labor budget. (Round time per unit to nearest hour, eg. 30 minutes will be rounded to o.5 hours) For the first quarter of 2022, prepare a manufacturing overhead budget. (Round overheod rate to 2 decimal ploces, es. 5.25 and alf other answers to 0 decimal ploces, es, 2,520. List Variable Costs first) The Cash balance on December 31,2021, totaled $101,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31,2022. Dividends are paid each month at the rate of $270 per share for 5,240 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 $490,000 equipment purchase is planned for February. (a) For the first quarter of 2022, prepare a sales budget. For the first quarter of 2022, prepare a direct materials budget. (Round cost per pound to 2 decimal ploces, eg 0.25 and oll other answers to 0 decimal places, eg. 2,520.) Question 1 of 1 5.28/20 i (b) Youranswer is correct. For the first quarter of 2022 . prepare a production budget. Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Current Attempt in Progress 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. 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 rectivable on December 31,2021 , totaled $181,800. DirectMaterials Direct materials cost 80 cents per pound, Two pounds of direct materials are required to produce each unit. Waterways likes to keep 5 K of the materials needed for the next month in its ending inventory. Raw Materlats on December 31, 2021 totaled 11,290 pounds. Payment for materials is made within 15 days, 50 S is paid in the month of purchase, and 50x is paid in the month after purchase. Accounts Payable on December 31,2021 , totaled $120,595. 0.44/1:1 Question 1 of 1 For the first quarter of 2022. prepare a direct labor budget. (Round time per unit to nearest hour, eg. 30 minutes will be rounded to o.5 hours) For the first quarter of 2022, prepare a manufacturing overhead budget. (Round overheod rate to 2 decimal ploces, es. 5.25 and alf other answers to 0 decimal ploces, es, 2,520. List Variable Costs first) The Cash balance on December 31,2021, totaled $101,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31,2022. Dividends are paid each month at the rate of $270 per share for 5,240 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 $490,000 equipment purchase is planned for February. (a) For the first quarter of 2022, prepare a sales budget