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1. Prepare Tamison's operating budget and cash budget for 2025 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. (Round all calculations to the nearest dollar.) 2. Prepare Tamison's annual financial budget for 2025, including budgeted income statement and budgeted balance sheet. 3. Tamison sold 7,200 sets in 2025 , and its actual operating income was as follows: Show product costs separately from selling and administrative costs. To simplify the calculations due to sets in beginning inventory having a different cost than those produced and sold in 2025, assume the following product costs: Requirements 4. What was the effect on Tamison's operating income of selling 600 sets more than the static budget level of sales? 5. What is Tamison's static budget variance for operating income? 6. Explain why the flexible budget performance report provides more useful information to Tamison's managers than the static budget performance report. What insights can Tamison's managers draw from this performance report? 7. During 2025. Tamison recorded the following cost data below. Compute the cost and efficiency variances for direct materials and direct labor. 8. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 9. Prepare the standard cost income statement for 2025 . 10. Calculate Tamison's ROI for 2025. To calculate average total assets, use the December 31, 2024, balance sheet for the beginning balance and the budgeted balance sheet for December 31,2025 , for the ending balance. Round all of your answers to four decimal places. 11. Calculate Tamison's profit margin ratio for 2025. Interpret your results. 12. Calculate Tamison's asset turnover ratio for 2025. Interpret your results. 13. Use the expanded ROI formula to confirm your results from Requirement 10. Interpret your results. Data table (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024.) a. Budgeted sales are 1,500 sets for the first quarter and expected to increase by 100 sets per quarter. Cash sales are expected to be 30% of total sales, with the remaining 70% of sales on account. Sets are budgeted to sell for $90 per set. b. Finished Goods Inventory on December 31,2024 , consists of 100 sets at $35 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected to be 1,900 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2024, consists of 400 pounds. Direct materials requirement is four pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025, is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.20 hours of direct labor; direct labor costs average 8 per hour. g. Variable manufacturing overhead is $1.60 per set. h. Fixed manufacturing overhead includes \$2,000 per quarter in depreciation and $7,191 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $9,500 per quarter for salaries; $3,600 per quarter for rent; $1,050 per quarter for insurance; and $1,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 1% of sales. k. Capital expenditures include $15,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. 1. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale; Accounts Receivable balance on December 31,2024 , is expected to be received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. m. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter; Accounts Payable balance on December 31, 2024, is expected to be paid in the first quarter of 2025. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. o. Income tax expense is projected at $3,000 per quarter and is paid in the quarter incurred. p. Tamison desires to maintain a minimum cash balance of $25,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 4% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter