Balance Sheet as of December 31, 2023 \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|l|}{ Assets } & \multicolumn{2}{|c|}{ Liabilities and Equities } \\ \hline Cash & 318,000,000 & Accounts Payable & 31,000,000 \\ \hline Accounts Receivable & 79,000,000 & Notes Payable & $120,000,000 \\ \hline Raw Materials Inventory & 6,144,600 & Interest Payable & 4,800,000 \\ \hline Finished Goods Inventory & 12,000,000 & Common Stock & $800,000,000 \\ \hline Property, Plant and Equipment, net & $1,300,000,000 & Retained Earnings & $759,344,600 \\ \hline Total Assets & $1,715,144,600 & Total Liabilities and Equities & $1,715,144,600 \\ \hline \end{tabular} Land O'Lakes ACCT 285 - Fall 2023 Excel Case \#3 \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{\begin{tabular}{lll} INPUTS \\ \end{tabular}} \\ \hline & \multicolumn{4}{|c|}{2024 (Projected) } & \multicolumn{2}{|c|}{2025 (Projected) } \\ \hline & Quarter 1 & Quarter 2 & Quarter 3 & Quarter 4 & Quarter 1 & Quarter 2 \\ \hline \multicolumn{7}{|l|}{ Sales } \\ \hline Pounds of Butter & 75,000,000 & 62,000,000 & 50,000,000 & 106,000,00 & 72,000,000 & 60,000,000 \\ \hline Selling Price per Pound (4 sticks) & $6.10 & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|r|l|} \hline Collections \\ \hline Quarter of Sale & 85% & \\ \hline Quarter after Sale & 15% & \\ \hline \end{tabular} Finished Goods Inventory \begin{tabular}{|l|r|l} \hline Ending FG Inventory Requirement & 4% & of next quarter's sales \\ \hline Ending FG Inventory Units (December 31, 2023) & 3,000,000 & units (1 pound - pkg w/ 4 sticks) \\ \hline \end{tabular} Raw Materials Inventory \begin{tabular}{|l|r|l|} \hline Raw Materials (cream) Required per Pound of Butter & 1 & quart \\ \hline Raw Materials Cost per Quart & $2.75 & per quart \\ \hline Ending RM Inventory Requirement & 3% & of next quarter's production needs \\ \hline Ending RM Inventory Units (December 31, 2023) & 2,234,400 & quarts \\ \hline Paid in Quarter of Purchase & 90% & \\ \hline Paid in Following Quarter & 10% & \\ \hline \end{tabular} Direct Labor Labor Required per Pound of Butter Labor Cost per Hour \begin{tabular}{|rr|r|r|} \hline & 0.05 & hours \\ \hline & $ & 18.00 & per hour \\ \hline \end{tabular} Manufacturing Overhead Variable Fixed Noncash Fixed (included in above) \begin{tabular}{|c|c|} \hline 0.35 & per pound of butter \\ \hline$20,000,000 & per quarter \\ \hline$14,000,000 & per quarter \\ \hline \end{tabular} Selling \& Administrative Expenses Variable Fixed Noncash Fixed (included in above) \begin{tabular}{|lr|l} \hline$ & 0.25 & per pound of butter \\ \hline$68,000,000 & per quarter \\ \hline$19,000,000 & per quarter \\ \hline \end{tabular} Cash Minimum Cash Balance Note Payable as of December 31, 2023 Interest Payable as of December 31, 2023 \begin{tabular}{|c|c|} \hline$100,000,000 & \\ \hline$120,000,000 & to \\ \hline$4,800,000 & to \\ \hline \end{tabular} to be paid January 1, 2024 Other Factory Equipment Purchase (capitalized) Corporate Headquarters Renovation (capitalized) $80,000,000 1st Quarter 3rd \& 4th Quarter