Data table

$\backslash$table$[[$Current Assets as of December $31($prior year$)$:$],[$Cash$,$$$,4,600],[$Accounts receivable, net,$$,48,000],[$Inventory$,$$$,15,500],[$Property$,$ plant, and equipment, net,$$,124,000],[$Accounts payable,$$,43,000],[$Capital stock,$$,124,000],[$Retained earnings $............,$$$,22,700]]$

Damon Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Damon Manufacturing's operations.

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Read the requirements.

Requirement $1.$ Prepare a schedule of cash collections for January, February, and March, and for the

Damon Manufacturing

Cash Collections Budget

For the Quarter Ended March $31$

$\backslash$table$[[$Cash sales,Month,Quarter$],[$January$,$February,March$],[,,,],[$Credits sales$],[$Total cash collections,,,,$]]$

Requirement $2$ Prepare a production budget. $($Hint: Unit sales $=$ Sales in dollars $+$ Selling price per uni

Damon Manufacturing

Production Budget

For the Quarter Ended March $31$

Unit sales

Plus: Desired ending inventory

Total needed

Less: Beginning inventory

Units to produce

Roquirement $3.$ Prepare a direct materials budget. $($Round your answers to the nearest whole dollar$)$

Damon Manufacturing

Direct Materials Budaet

More info

a$.$ Actual sales in December were $$71,000.$ Selling price per unit is projected to remain stable at $$12$ per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows

$\backslash$table$[[$January $.......$ $ $$,99,600],[$February $......$ $$,118,800],[$March$....,115,200],[$April $....,108,000],[$May $...........$ $ $$,103,200]]$

b$.$ Sales are $35\%$ cash and $65\%$ credit. All credit sales are collected in the month following the sale.

c$.$ Damon Manufacturing has a policy that states that each month's ending inventory of finished goods should be $10\%$ of the following month's sales $($in units$)$

d$.$ Of each month's direct material purchases, $20\%$ are paid for in the month of purchase, while the remainder is paid for in the month followang purchase. Three pounds of direct material is needed per unit at $$2\mathrm{.}00$ per pound. Ending inventory of direct materals should be $20\%$ of next month's production needs

e$.$ Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. The direct labor hours per unit is $0\mathrm{.}05.$ The direct labor rate per hour is $$9$ per hour All direct labor is paid for in the month in which the work is performed. The direct labor total cost for each of the upcoming three months is as follows

$\backslash$table$[[$January$,......,$$$3,807$