i need help with the rest of this problem. ill give a thumbs up if correct :)

Waterways Continuing Problem 09 Waterways Corporation is preparing its budget for the coming year, 2020. 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. Sales Unit sales for November 2019 Unit sales for December 2019 Expected unit sales for January 2020 Expected unit sales for February 2020 Expected unit sales for March 2020 Expected unit sales for April 2020 Expected unit sales for May 2020 Unit selling price 111,000 101,000 112,000 114,000 115,000 124,000 138,000 $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 $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, 2019, totaled 11,220 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 $102,605. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Manufacturing Overhead Manufacturing Overhead Indirect materials Joe per labor hour Indirect labor 50 per labor hour Utilities 50 per labor hour Maintenance 204 per labor hour Salaries $41,000 per month Depreciation $17,400 per month Property taxes $2,900 per month Insurance $1,300 per month Maintenance $1,300 per month Selling and Administrative Variable selling and administrative cost per unit is $1.60. Advertising $14,000 a month Insurance $1,300 a month Salaries $72,000 a month Depreciation $2,400 a month Other fixed costs $2,800 a month Other Information The Cash balance on December 31, 2019, totaled $100,000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.50 per share for 4,720 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 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $540,000 equipment purchase is planned for February For the first quarter of 2020, prepare a sales budget. WATERWAYS CORPORATION Sales Budget For the First Quarter of 2020 First Quarter January February March Quarter Expected Unit Sales 114000 115000 T 341000 9H Unit Selling Price - 12 Total Sales 1368000 4092000 For the first quarter of 2020, prepare a production budget. WATERWAYS CORPORATION Production Budget For the First Quarter of 2020 First Quarter March January Coruary Quarter Expected Unit Sales 12007 115000 Desired Ending Finished Goods Unit 11500 12400 -- - Total Required Units 125500 T 127400 Beginning Finished Goods Unit -11200 -11400 T - 11500 Required Production Units 112200 L 114100 115900 342200 For the first quarter of 2020, prepare a direct materials budget. (Round cost per pound to 2 decimal places, 0.0.0.25 and all other answers to decimal places, e.g. 2,520. WATERWAYS CORPORATION Direct Materials Budget For the First Quarter of 2020 First Quarter February March January Quarter Units to be produced 112200 1141 115900 Direct Materials Per Unit Total Pounds Required for Production Add Desired Ending Inventory 12540 Total Materials Required 5810) 244340 - 11590 Less Beginning Materials Inventory V Direct Materials Purchases 224590 Cost Per Pound 186200 T 548576 Total Cost of Direct Materials Purchases For the first quarter of 2020, prepare a direct labor budget. (Round time per unit to nearest hour, e.g. 30 minutes will be rounded to 0.5 hours) WATERWAYS CORPORATION Direct Labor Budget For the First Quarter of 2020 First Quarter January February March 112200 114100 115900 Quarter Units to be Produced 342200 .200 Direct Labor Time (Hours) Per Unit 201 TOT T II SYS L Total Required Direct Labor Hours 22820 al al IR-3015 IN INI 68440 IIIIIIIIII Illl| Direct Labor Cost Per Hour Total Direct Labor Cost T 201960 III 208620 L 615960 For the first quarter of 2020, prepare a manufacturing overhead budget. (Round overhead rate to 2 decimal places, e.g. 5.25 and all other answers to 2,520. List Variable Costs first.) decimal places, e.g. WATERWAYS CORPORATION Manufacturing Overhead Budget For the First Quarter of 2020 V First Quarter January February March Quarter Indirect Materials Indirect Labor Utilities Maintenance Total Manufacturing Overhead Direct Labor Hours Salaries Depreciation Total Manufacturing Overhead Direct Labor Hours Salaries Depreciation Property Taxes Insurance Maintenance WINNNNN Total Manufacturing Overhead Total Manufacturing Overhead Total Manufacturing Overhead NAIS CORPORATION Selling and Administrative Expense Budget First Quarter January February Quarter Budget Sales In Units Variable Expenses Per Unit Advertising Insurance Salaries Depreciation Other Depreciation Salaries Total S & A Expenses Insurance Advertising ********* * ** ** g . .. .... ..... ..