please answer question I. prepare a cash budget. This is what i have but am probably wrong.

WCP9 Waterways Corporation is preparing its budget for the coming year. 2014. The first step is to plan for the first quarter of that coming year. Waterways gathered the following information from the managers. Sules Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 859 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 receiv: able on December 31,2013 , totuled $183,780. Direct 1 Metal, plastic, and rubber together are 756 per pound per unit. Waterways likes to keep 546 of the materials needed for the next month in its ending inventory. Payment for materials is made within 15 days. 504 is paid in the month of purchase, and 50%h is paid in the month after purchase. Accounts Payable on December 31, 2013, totaled 5120,595. Raw Materials on December 31, 2013, totaled 11,295 pounds. Direct Labor L.abor requires 12 minutes per unit for completion and is paid at a rate of 58 per hour Manufacturing Overhead Silling and Administrative Variable selling and administrative cont per unit is $1.60. Other Information The Cash balance on December 31,2013 , totaled $100,500, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31 , 2014. Dividends are paid each month at the rate of $2.50 per share for 5,000 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 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A$500,000 equipment purchase is planned for February. Instructions For the first quarter of 2014, do the following. (a) Prepare a sales budget. (b) Prepare a production budget. (c) Prepare a direct materials budget. (Round to nearest dollar) (d) Prepare a direct labor budget. (For calculations, round to the nearest hour) (e) Prepare a manufacturing overhead budget. (Round amounts to the nearest dollar:) (f) Prepare a selling and administrative budget. (g) Prepare a schedule for expected cash collections from customers. (h) Prepare a schedule for expected payments for materials purchases. (Round totals to nearest dollar) (i) Prepare a cash budget. Waterway Corporation Sales Budget For the First Quarter of 20xx First Quarter