Can someone help me figure out what I am doing wrong, please. I have been working on this problem for a while now and I am currently stuck and ready to give up. Thank you!

Other data for Giseppe Tire Company i (Click the icon to view the other data.) Quarter The Giseppe Tire Company manufactures racing tires for bicycles. Giseppe sells tires for S85 each. Giseppe is planning for the next year by developing a master budget by quarters. Giseppe's balance sheet for December 31, 2018, follows: BE (Click the icon to view the balance sheet.) For the Year Ended December 31, 2019 First Second Quarter Beginning cash balance $ 63,000 $ 60,104 Cash receipts 116,060 108,420 Cash available 179,060 166,524 Cash payments: Capital expenditures 50,000 0 Purchases of direct materials 20,286 17,292 Direct labor 17,400 16,800 Manufacturing overhead 29,750 29,500 Selling and administrative expenses 14,020 14,380 Income taxes 3,500 3,500 Interest expense 0 0 Total cash payments 134,956 81452 Ending cash balance before fi nancing 44,104 85072 Minimum cash balance desired (60.000) (60,000) Projected cash excess (de ciency) (15,896) 25072 Financing Borrowing 16,000 0 0 0 Principal repayments (16,000) Total effects of financing 16,000 (16,000) $ 60,104 69072 Ending cash balance Data Table December 31, 2018 Assets Current Assets: Cash $ 63,000 Accounts Receivable 45,000 Raw Materials Inventory 3,300 10,500 Finished Goods Inventory Total Current Assets $ 121,800 Property, Plant, and Equipment: Equipment 168,000 (106,000) Less: Accumulated Depreciation 62,000 183,800 Total Assets Liabilities Current Liabilities: Accounts Payable $ 9,000 Stockholders' Equity Common Stock, no par $ 170,000 Retained Earnings 4,800 Total Stockholders' Equity 174,800 $ 183,800 Total Liabilities and Stockholders' Equity Print Done Requirements 1. Prepare Giseppe's operating budget and cash budget for 2019 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 Giseppe's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. Print Done - X More Info a. e. (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) Budgeted sales are 1,100 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 300 tires at $35 each. Desired ending Finished Goods Inventory is 50% of the next quarter's sales; first quarter sales for 2020 are expected be 1,900 C. tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 600 pounds of rubber compound used to manufacture the tires. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $5.50 per pound. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending f. inventory for December 31, 2019 is 600 pounds; indirect materials are insignificant and not considered for budgeting purposes. 9. Each tire requires 0.60 hours of direct labor, direct labor costs average $20 per hour. h. Variable manufacturing overhead is $5 per tire. Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $22,500 per quarter for other costs, such as utilities, i. insurance, and property taxes. Fixed selling and administrative expenses include $9,000 per quarter for salaries; $1,500 per quarter for rent: $1,650 per quarter i. for insurance; and $1,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. 1. Capital expenditures include $50,000 for new manufacturing equipment, to be purchased and paid in the first quarter. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019; uncollectible accounts are considered insignificant and not m. considered for budgeting purposes. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter; December 31, 2018, Accounts n. Payable is paid in the first quarter of 2019. 0. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. Cicono dacice to maintain a minimum och balance of 60 000 and bacown from the local banke nooded in inanamante of p. More Info C. d. e i. b. Finished Goods Inventory on December 31, 2018 consists of 300 tires at $35 each. Desired ending Finished Goods Inventory is 50% of the next quarter's sales; first quarter sales for 2020 are expected be 1,900 tires. FIFO inventory costing method is used. Raw Materials Inventory on December 31, 2018, consists of 600 pounds of rubber compound used to manufacture the tires, Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $5.50 per pound. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending f. inventory for December 31, 2019 is 600 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.60 hours of direct labor; direct labor costs average $20 per hour. h. Variable manufacturing overhead is $5 per tire. Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $22,500 per quarter for other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $9,000 per quarter for salaries: $1,500 per quarter for rent: $1,650 per quarter 1. for insurance; and $1,000 per quarter for depreciation. Variable selling and administrative expenses include supplies at 2% of sales. I. Capital expenditures include $50,000 for new manufacturing equipment, to be purchased and paid in the first quarter. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019; uncollectible accounts are considered insignificant and not m. considered for budgeting purposes. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter, December 31, 2018, Accounts n. Payable is paid in the first quarter of 2019, Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. P. Income tax expense projected at $3,500 per quarter and is paid in the quarter incurred. Giseppe desires to maintain a minimum cash balance of $60,000 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 12% per year and paid at the beginning of the quarter based on the amount 9. outstanding from the previous quarter. k. 0