WILEY PROBLEM HELP

Waterways Corporation is preparing its budget for the coming year, 2022. 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. Waterwan likes to keep 10% of the next month's unit sales in endirg imventory. All sales are on account. 85% of the Accounts Reccivable 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, 2021, totaled $181,800. Direct Materials Direct materials cost 80 cents per pound. Two poinds of direct inaterials are required to produce each unit. Waterwirs likes to keep 5% of the materials needed for the nect month in ils endine inventory. Raw Mater lafs on December 31. 2021 totaled 11,290 pounds. Payment for materials is mode within 15dam. 50% is paid in the inoeth of purchase, and 50% is paid in the month after purchase. Accounts Poyble on December 31, 2021, totaled $120595. Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Other Information The Cash balance on December 31,2021, totaled $101,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31,2022. Dividends are paid each month at the rate of $2.70 per share for 5,240 shares outstanding. The company has an open line of credit with Rornney'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 $490,000 equipment purchase is planned for February. Other Information The Cash balance on December 31,2021 , totaled $101,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31,2022 Dividends are paid each month at the rate of $2.70 per share for 5,240 shares outstanding. The company has an open line of credit with Rornney'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 $490,000 equipment purchase is planned for February. (a) For the first quarter of 2022. prepare a sales budget Your answer is correct. For the first quarter of 2022. prepare a production budget. For the first quarter of 2022, prepare a direct materials budget. (Round cost per pound to 2 decimal ploces, eg. 0.25 and all other answers to 0 decimal places, eg. 2,520.) For the first quarter of 2022. prepare a direct labor budget. (Round time per unit to nearest hour, es 30 minutes wil be rounded to o.5 hours) For the first quarter of 2022, prepare a manufactuting overhead budget. (Round overhead rate to 2 decimal ploces es 5.25 and off other answers to 0 decimol ploces, es. 2.520. List Variable Costs first) to 0 dectnol places, es. 2,520. Lat Varlable Costs trat] 2. Your answer is partially correct. For the first quarter of 2022, prepure a schedule for expected payments for materials purchases. (Round answers to 0 decimal places, es. 2.520) Shen trancrihert imane fert Waterways Corporation is preparing its budget for the coming year, 2022. 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. Waterwan likes to keep 10% of the next month's unit sales in endirg imventory. All sales are on account. 85% of the Accounts Reccivable 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, 2021, totaled $181,800. Direct Materials Direct materials cost 80 cents per pound. Two poinds of direct inaterials are required to produce each unit. Waterwirs likes to keep 5% of the materials needed for the nect month in ils endine inventory. Raw Mater lafs on December 31. 2021 totaled 11,290 pounds. Payment for materials is mode within 15dam. 50% is paid in the inoeth of purchase, and 50% is paid in the month after purchase. Accounts Poyble on December 31, 2021, totaled $120595. Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. Other Information The Cash balance on December 31,2021, totaled $101,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31,2022. Dividends are paid each month at the rate of $2.70 per share for 5,240 shares outstanding. The company has an open line of credit with Rornney'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 $490,000 equipment purchase is planned for February. Other Information The Cash balance on December 31,2021 , totaled $101,000, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31,2022 Dividends are paid each month at the rate of $2.70 per share for 5,240 shares outstanding. The company has an open line of credit with Rornney'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 $490,000 equipment purchase is planned for February. (a) For the first quarter of 2022. prepare a sales budget Your answer is correct. For the first quarter of 2022. prepare a production budget. For the first quarter of 2022, prepare a direct materials budget. (Round cost per pound to 2 decimal ploces, eg. 0.25 and all other answers to 0 decimal places, eg. 2,520.) For the first quarter of 2022. prepare a direct labor budget. (Round time per unit to nearest hour, es 30 minutes wil be rounded to o.5 hours) For the first quarter of 2022, prepare a manufactuting overhead budget. (Round overhead rate to 2 decimal ploces es 5.25 and off other answers to 0 decimol ploces, es. 2.520. List Variable Costs first) to 0 dectnol places, es. 2,520. Lat Varlable Costs trat] 2. Your answer is partially correct. For the first quarter of 2022, prepure a schedule for expected payments for materials purchases. (Round answers to 0 decimal places, es. 2.520) Shen trancrihert imane fert