FirstState Manufacturing is preparing its cash payments budget for the coming month. The following information pertains to the cash payments:
| a. | FirstState Manufacturing pays for 60% of its direct materials purchases in the month of |
purchase and the remainder the following month. Last month's direct material purchases were $40,000, while FirstState Manufacturing anticipates $45,000 of direct material purchases this coming month.
| b. | Direct labour for the upcoming month is budgeted to be $25,000 and will be paid at the end of |
the upcoming month.
| c. | Overhead is estimated to be 150% of direct labour cost each month and is paid in the month in |
which it is incurred. This monthly estimate includes $8,000 of depreciation on the plant and equipment.
| d. | Monthly operating expenses for next month are expected to be $27,500, which includes $1,500 |
of depreciation on office equipment and $2,000 of bad debt expense. These monthly operating expenses are paid during the month in which they are incurred.
| e. | FirstState Manufacturing will be making an estimated tax payment of $6,000 next month. |
Required:
Prepare a cash payments budget for the month.
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