Needs to be in excel format and could you please provide excel formulas

1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. 2. Prepare a production budget. 3. Prepare a direct materials budget. 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. 5. Prepare a cash payments budget for direct labor costs. 6. Prepare a cash payments budget for manufacturing overhead costs. 7. Prepare a cash payments budget for operating expenses. 8. Prepare a combined cash budget. 9. Calculate the budgeted manufacturing cost per unit. 10. Prepare a budgeted income statement for the quarter ending March 31. Solution: Given Wasatch Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Wasatch Manufacturing's operations: Relevant Account Balances as of December 31 (prior year): Cash - $17,000 Accounts Receivable, net - $73,500 Accounts Payable - $37,000 Sales & Collections Production & Materials Conversion Costs Operating Exp Cash Data Income Stmt Actual sales in December were $105,000. Selling price per unit is projected to remain stable at $15 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: Month January February March April May Total Sales $120,000 $135,000 $129,000 $141,000 $102,000 Sales are 30% cash and 70% credit. All credit sales are collected in the month following the sale. Wasatch Manufacturing has a policy that states that each month's ending inventory of finished goods should be 20% of the following month's sales (in units). Of each month's direct materials purchases, 25% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Four pounds of direct materials is needed per unit at $1.00 per pound. Ending inventory of direct materials should be 15% of next month's production needs. Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. Each unit requires 0.10 direct labor hours. The direct labor wage rate is $15 per hour. All direct labor is paid for in the month in which the work is performed. Monthly manufacturing overhead costs are $10,000 for factory rent, $6,000 for other fixed manufacturing expenses, and $1.25 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid for in the month in which they are incurred. Operating Exp Cash Data Income Stmt Operating expenses are budgeted to be $1.30 per unit sold plus fixed operating expenses of $2,200 per month. All operating expenses are paid in the month in which they are incurred. Sales & Collections Production & Materials Conversion Costs Operating Exp Cash Data Income Stmt Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Wasatch Manufacturing will purchase equipment for $20,000 (cash), while February's cash expenditures will be $8,000, and March's cash expenditure will be $25,000. Wasatch Manufacturing has a policy that the ending cash balance in each month must be at least $15,000. It has a line of credit with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a total outstanding loan balance of $100,000. The interest rate on these loans is 1.25% per month simple interest (not compounded). The company would pay down on the line of credit balance in increments of $1,000 if it has excess funds at the end of the quarter. The company would also pay the accumulated interest at the end of the quarter on the funds borrowed during the quarter. Sales & Collections Production & Materials Conversion Costs Operating Exp Cash Data Income Stmt Depreciation on the building and equipment for the general and administrative offices is budgeted to be $10,000 for the entire quarter, which includes depreciation on new acquisitions. For purposes of the Budget Manufacturing Cost Per Unit calculation Fixed MOH is $.75. The company's income tax rate is projected to be 23% of operating income less interest expense. The company pays $28,000 cash at the end of February in estimated taxes