4. HCJ's production team attempts to end each quarter with enough finished-goods inventory in each product line to cover 20 percent of the following quarter's sales.

4. HCJ's production team attempts to end each quarter with enough finished-goods inventory in each product line to cover 20 percent of the following quarter's sales. Moreover, an attempt is made to end each quarter with 20 percent of the glass sheets needed for the following quarter's production. Since metal strips are purchased locally, HCJ buys on a just-in-time basis; inventory is negligible. The purchase and production quantities are shown. 5. All direct-material purchases are made on account, and 80 percent of each quarter's purchases are paid in cash during the same quarter as the purchase. The other 20 percent is paid in the next quarter. 6. Indirect materials are purchased as needed and paid for in cash. Work-in-process inventory is negligible. 7. Projected manufacturing costs in 20x1 are as follows: Direct material: Metal strips. @ $1 per foot Glass sheets: $8 per sheet Direct labor for both products .1 hour @ $20 per hour Manufacturing overhead: .1 direct-labor hour @ $10 per hour Total manufacturing cost per unit . S: $7 L: $10 1. Sales budget: 2. Cash receipts budget: 3. Cash disbursements budget: (including purchases of direct materials and payments for same) 4. Summary cash budget: