Your answer is partially correct. 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 to O decimal places, e.g. 2,520.) WATERWAYS CORPORATION Direct Materials Budget For the First Quarter of 2020 January First C February +A Sales Unit sales for November 2019 111,000 Unit sales for December 2019 103,000 Expected unit sales for January 2020 114,000 Expected unit sales for February 2020 112,000 Expected unit sales for March 2020 116,000 Expected unit sales for April 2020 124,000 Expected unit sales for May 2020 137,000 Unit selling price $12 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 receivable on December 31, 2019, totaled $185,400. 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 11,380 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, totaled $104,585. 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 Indirect labor 50 per labor hour Utilities 50 per labor hour Maintenance 30 per labor hour Salaries $41,000 per month Depreciation $17,800 per month Property taxes $2,800 per month Insurance $1,100 per month Sales Unit sales for November 2019 111,000 Unit sales for December 2019 103,000 Expected unit sales for January 2020 114,000 Expected unit sales for February 2020 112,000 Expected unit sales for March 2020 116,000 Expected unit sales for April 2020 124,000 Expected unit sales for May 2020 137,000 Unit selling price $12 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 receivable on December 31, 2019, totaled $185,400. 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 11,380 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, totaled $104,585. 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 Indirect labor 50 per labor hour Utilities 50 per labor hour Maintenance 30 per labor hour Salaries $41,000 per month Depreciation $17,800 per month Property taxes $2,800 per month Insurance $1,100 per month Wowway Corren legregoring the budges for coming year 2000. The frowy plan for the fron querer of thos coming year. The company has gone managers in gregorian of the budging for Unifor 111,000 Unfor December 2019 105,000 Excur 114,000 Dec2000 110,000 Ex 115,000 Exc000 104,000 Expdf May 127,000 Direct Materiale Dangeround. Twounds of crued to produc Www fresh handlinger Row More on December 201 1980 Rayman former mode whin 15 days SO goldench furchase, and 500 de O DirectLabor Lobergs per uns for completion and woold of 89 per hour. Manufacturing Overhead Indirec Indraber UNIVE Malm Scor $41,000 Depreci $17,000 Pr 91800 Insurance $1,500 Ma $1,400 aur Selling and drive Vrbing and 1.70 $15,000 man Insurance $1,500 men $75,000 men Deprec 84.700 mana $3,000 men The Colon December 1, 2019 000,000, medecided would the small a cock balance of 700,000 beginning on January 21, 2000. Dividendecrepideach month there of 82.70 ye nding. The company 81,000 genre yok The Ways barrows on the free day of the mans 8550,000rchcee legionned for February fin and recy on the loan day of th For of 2000, prepare budge WATERWAYS CORPORATION Sales Budget First Quarter January February March Quarter Fear of 2000, prepare a pradan bu