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Waterways Corporation has recently acquired a small manufacturing operation in British Columbia that produces one of its more popular items. This plant will provide these units for resale in retail hardware stores in British Columbia and Alberta. Because the budget prepared by the plant was incomplete, Jordan Leigh, Waterways' CFO, was sent to B.C. to oversee the plant's budgeting process for the second quarter of 2023 . Jordan asked the various managers to collect the following information for preparing the second-quarter budget. Based on the experience in the home plant, Jordan has suggested that the B.C. plant keep 10% of the next month's unit sale 130 s in ending inventory. The plant has contracts with some of the major home hardware giants, so all sales are on account; 50% of the accounts receivable is collected in the month of sale, and the balance is collected in the month after sale. This was the same collection pattern as the previous year. The new plant has no bad debts. Direct Materials The combined quantity of direct materials (consisting of metal, plastic, and rubber) used in each unit is 1.00kg. Metal, plastic, and rubber together amount to $1.50 per kg. Inventory of combined direct materials on March 31 consisted of 12,050kg. This plant likes to keep 10% of the materials needed for the next month in its ending inventory. Fifty percent of the payables is paid in the month of purchase, and 50% is B. Expected Cash Collections WATERWAYS CORPORATLO British Columbia Production Plant Expected Cash Collections for the 2nd Quarter, 2023 C. Production Budget WATERWAYS CORPORATEON British Columbia Production Plant Production Budget for the 2nd Quarter, 2023 April May June Total Required Production Units D. Direct Materials Budget WATERWAMS CORPORAIDOM Brikish Columbla Producion Plant Direct Materials Budget for the 2nd Ouarer, 2023 paid in the month after purchase. Accounts payable on March 31 will total $121,200. Direct Labour Labour requires 15 minutes per unit for completion and is paid at an average rate of $18 per hour. Other Information The cash balance on March 31 will be $141,000, but Waterways has decided it would like to maintain a cash balance of at least $500,000 beginning on April 30. The company has an open line of credit with its bank. The terms of the agreement require borrowing to be in $1,000 increments at 4% interest. Borrowing is considered to be on the first day of the month and repayments and interest payments are on the last day of the month. In May, $650,000 of new equipment to update operations will be purchased. Three months' insurance is prepaid on the first day of the first month of the quarter. E. Expected Direct Materials Cas Disbursements WATERWAYS CORPORATION British Columbia Production Plant Expected DM Cash Disbursements for the 2nd Quarter, 2023 \begin{tabular}{|l|llll} & April & May & June & Total \\ \hline Disbursements from March & & - & - \\ \hline April & & - & - \\ \hline April & & - & - \\ \hline May & - & - \\ \hline Mune & & - \\ \hline Total Payments & & \\ \hline \end{tabular} F. Labour Budget \begin{tabular}{l} WATERWAYS CORPORATION \\ British Columbia Production Plant \\ Labour Budget for the 2nd Quarter, 2023 \\ April May June Total \\ \hline Total Labour Costs \end{tabular} G. Manufacturing Overhead Budget WATERWAYS CORPORATLON Brikish Columbia Production Plant Manufacturing Overhead Budget for the 2nd Quarter, 2023 Manufacturing Overhead H. Selling and Administration Buaryet WATERWAYS CORPORATION British Columbia Production Plant Selling and Administrative Budget for the 2nd Quarter, 2 Add: cash receipts Total available cash Less: cash expenditures Total expenditures Financing Add: Less Total financing Ending cash balance Waterways Corporation has recently acquired a small manufacturing operation in British Columbia that produces one of its more popular items. This plant will provide these units for resale in retail hardware stores in British Columbia and Alberta. Because the budget prepared by the plant was incomplete, Jordan Leigh, Waterways' CFO, was sent to B.C. to oversee the plant's budgeting process for the second quarter of 2023 . Jordan asked the various managers to collect the following information for preparing the second-quarter budget. Based on the experience in the home plant, Jordan has suggested that the B.C. plant keep 10% of the next month's unit sale 130 s in ending inventory. The plant has contracts with some of the major home hardware giants, so all sales are on account; 50% of the accounts receivable is collected in the month of sale, and the balance is collected in the month after sale. This was the same collection pattern as the previous year. The new plant has no bad debts. Direct Materials The combined quantity of direct materials (consisting of metal, plastic, and rubber) used in each unit is 1.00kg. Metal, plastic, and rubber together amount to $1.50 per kg. Inventory of combined direct materials on March 31 consisted of 12,050kg. This plant likes to keep 10% of the materials needed for the next month in its ending inventory. Fifty percent of the payables is paid in the month of purchase, and 50% is B. Expected Cash Collections WATERWAYS CORPORATLO British Columbia Production Plant Expected Cash Collections for the 2nd Quarter, 2023 C. Production Budget WATERWAYS CORPORATEON British Columbia Production Plant Production Budget for the 2nd Quarter, 2023 April May June Total Required Production Units D. Direct Materials Budget WATERWAMS CORPORAIDOM Brikish Columbla Producion Plant Direct Materials Budget for the 2nd Ouarer, 2023 paid in the month after purchase. Accounts payable on March 31 will total $121,200. Direct Labour Labour requires 15 minutes per unit for completion and is paid at an average rate of $18 per hour. Other Information The cash balance on March 31 will be $141,000, but Waterways has decided it would like to maintain a cash balance of at least $500,000 beginning on April 30. The company has an open line of credit with its bank. The terms of the agreement require borrowing to be in $1,000 increments at 4% interest. Borrowing is considered to be on the first day of the month and repayments and interest payments are on the last day of the month. In May, $650,000 of new equipment to update operations will be purchased. Three months' insurance is prepaid on the first day of the first month of the quarter. E. Expected Direct Materials Cas Disbursements WATERWAYS CORPORATION British Columbia Production Plant Expected DM Cash Disbursements for the 2nd Quarter, 2023 \begin{tabular}{|l|llll} & April & May & June & Total \\ \hline Disbursements from March & & - & - \\ \hline April & & - & - \\ \hline April & & - & - \\ \hline May & - & - \\ \hline Mune & & - \\ \hline Total Payments & & \\ \hline \end{tabular} F. Labour Budget \begin{tabular}{l} WATERWAYS CORPORATION \\ British Columbia Production Plant \\ Labour Budget for the 2nd Quarter, 2023 \\ April May June Total \\ \hline Total Labour Costs \end{tabular} G. Manufacturing Overhead Budget WATERWAYS CORPORATLON Brikish Columbia Production Plant Manufacturing Overhead Budget for the 2nd Quarter, 2023 Manufacturing Overhead H. Selling and Administration Buaryet WATERWAYS CORPORATION British Columbia Production Plant Selling and Administrative Budget for the 2nd Quarter, 2 Add: cash receipts Total available cash Less: cash expenditures Total expenditures Financing Add: Less Total financing Ending cash balance