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Needing help with this! I have been working on this question for over 2 hours! If anyone could please help me out as it is due tomorrow morning at 8am! if you do ill be forever in debt!.

Homework: Chapter 9 Homework Score: 0.12 of 1 pt & P9-57A (similar to) Save 2 of 4 (3 complete) HW Score: 39.12%, 1.56 of 4 pts Question Help Dalton Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Dalton Manufacturing's operations EE (Click the icon to view the data.) Read the requirements Total quantity (pounds) needed Less: Beginning inventory of DM Quantity (pounds) to purchase Multiply by: Cost per pound Total cost of DM purchases Requirement 4. Prepare a cash payments budget for the direct material purchases from Requirement 3. (Round your answers to the nearest whole dollar.) 1 (Click the icon to view additional data.) 88.986 5,076 83,910 2.00 \$ 52,452 \$ 58,824 \$ 56,544 \$ 167,820 31,302 5,076 26,226 35,334 33,9 5,922 5,724 29,412 28,272 2.00 \$ 2.00 \$ 2.00 \$ Dalton Manufacturing Cash Payments for Direct Materials Budget For the Quarter Ended March 31 Month January February March Quarter 20% of current month DM purchases 80% of last month's DM purchases Total cash payments Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Check Answer
Requirements 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total 2. Prepare a production budget. (Hint: Unit sales Sales in dollars/ Selling price per unit.) 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. 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 (assume that fixed manufacturing overhead is budgeted to be \$0.80 per unit for the year). Prepare a budgeted income statement for the quarter ending March 31. (Hint: Cost of goods sold Budgeted cost of manufacturing one unit x Number of units sold.) 10. Print Done
4/15/2019 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 hiudgeted to he as follows January February March April May \$ 99,600 118,800 \$115,200 \$ 108,000 \$ 103,200 b. Sales are 35% cash and 65% credit. All credit sales are collected in the month following the sale c. Dalton Manufacturing has a policy that states that cach month's cnding inventory of finishcd goods should bc 10% of thc 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 following purchase. Three pounds of direct material is needed per unit at \$2.00 per pound. Ending inventory of direct materials 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 0.05. 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 January February March \$ 3,807 \$4,442 \$ 4,293 f. Monthly manufacturing overhead costs are \$5,500 for factory rent, \$2,900 for other fixed manufacturing expenses, and \$1.10 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid in the month in which they are incurred g.Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, Dalton Manufacturing will purchase equipment for \$5,000 (cash), while February's cash expenditure will be \$12.200 and March's cash expenditure will be \$16,600 h.Operating expenses are budgeted to be \$1.25 per unit sold plus fixed operating expenses of \$1,800 per month. All operating i. Depreciation on the building and equipment for the general and administrative offices is budgeted to be \$4,800 for the entire j. Dalton Manufacturing has a policy that the ending cash balance in each month must be at least \$4.000. It has a line of credit with a expenses are paid in the month in which they are incurred. No depreciation is included in these figures. quarter, which includes depreciation on new acquisitions. 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 \$1 10,000. The interest rate on these loans is 1% 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 k. The company's income tax rate is projected to be 30% of operating income less interest expense. The company pays \$10,000 cash at the end of February in estimated taxes.

1.

 Schedule of Cash Collections January February March Quarter Current Cash Sales 34,860 41,580 40,320 1,16,760 Plus collection from A/R 46,150 64,740 77,220 1,88,110 Total Collection 81,010 1,06,320 1,17,540 3,04,870
 Sales budget January February March Quarter Cash Sale 34,860 41,580 40,320 1,16,760 Sales on Account 64,740 77,220 74,880 2,16,840 Total Budgeted Sales 99,600 1,18,800 1,15,200 3,33,600

2.

 Production Budget January February March Quarter December Sales Unit 8,300 9,900 9,600 27,800 5916.667 Plus Desired ending Inventory 990 960 900 2,850 830 Inventory Needed 9,290 10,860 10,500 30,650 6,747 Less: beginning Inventory 830.00 990 960 2,780 591.6667 Required Production 8,460 9,870 9,540 27,870 6,155

3.

 Dirct Material Budget January February March Quarter Required Production 8,460 9,870 9,540 27,870 Raw material per unit 3 3 3 Required Production 25,380 29,610 28,620 83,610 Add: Desired ending inventory 5,922 5,724 5,376 17,022 Raw material needed 31,302 35,334 33,996 1,00,632 Less : Opening 5,076 5,922 5,724 16,722 Raw Material Purchases 26,226 29,412 28,272 83,910 Cost per pound of direct material 2 2 2 Cost of Direct Material Purchases 52,452 58,824 56,544 1,67,820

4.

 Cash Payments for Raw Material Inventory January February March Quarter Payments of Current Month's A/P 10,490.40 11,764.80 11,308.80 33,564 Payments for Prior month's A/P 31,756.80 41,961.60 47,059.20 120777.6 Total Budgeted Payments for Raw Material purchases 42,247.20 53,726.40 58,368.00 1,54,341.60

5.

 Direct Labor Cost Budget January February March Quarter Direct labor cost 3,807.00 4442 4293 12,542.00 Total Payments for Direct labor 3,807.00 4,442.00 4,293.00 12,542.00

6.

 Manufacturing overhead cost January February March Quarter Factory rent 5500 5500 5500 16500 Other fixed manufacturing expense 2900 2900 2900 8700 Variable manufacturing overhead 9,306.0 10,857.0 10,494.0 30657 Total Cash Payments for Manufacturing expenses 17706 19257 18894 55857

7.

 Cash Payment budget for operating expenses January February March Quarter Operating expenses 10,375.00 12,375.00 12,000.00 34,750.00 Fixed Operating expense 1800 1800 1800 5,400.00 Total Cash Payments for operating expenses 12,175.00 14,175.00 13,800.00 40,150.00

8.

 Cash Budget October November December Quarter Beginning cash balance 4,600.00 4,674.80 4,194.40 4,600.00 Collections from customer 81,010.00 1,06,320.00 1,17,540.00 3,04,870.00 Total Cash available 85,610.00 1,10,994.80 1,21,734.40 3,09,470.00 Less: Payments Purchase of raw material 42,247.20 53,726.40 58,368.00 1,54,341.60 Total Payments for Direct labor 3807 4442 4293 - Total Cash Payments for Manufacturing expenses 17706 19257 18894 55,857.00 Total Cash Payments for operating expenses 12175 14175 13800 40,150.00 Purchase of computer equipment 5,000.00 12,200.00 16,600.00 33,800.00 Income tax expense 10000 Total Budgeted Payments 80,935.20 1,13,800.40 1,11,955.00 3,06,690.60 Cash balance before borrowings 4,674.80 -2,805.60 9,779.40 2,779.40 Financing Borrowings/(Repayments) 7,000.00 -7,000.00 - Interest -140.00 -140 Ending cash balance 4,674.80 4,194.40 2,639.40 2,639.40

9.

 Budgeted Manufacturing cost per unit Direct Material cost 6 Labor cost 0.45 Variable manufacturing cost 1.1 Fixed manufacturing cost 0.8 Total Manufacturing cost per unit \$8.35

10.

 Income statement Sales 3,33,600 Less: Variable expenses Cost of goods sold 2,32,130 Contribution margin 1,01,470 Less: Operating expenses 40,150 Depreciation and 4,800 Net Operating Income 56,520 Less: Interest expense 140 Income before tax 56,380 Less: Income tax expense 16,914 Net Income after tax \$ 39,466

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