Can someone help me to list the formula on how to get the answer? Please Thank you!!!! I want the formula to type it in google sheet. Thank you!!! DATA: The Grilton Tire Company manufactures racing tires for bicycles. Grilton sells tires for $50 each. Grilton is planning for next year (2021) by developing a master budget by quarters. Griltons balance sheet for December 31, 2020 follows: Current Assets:

Page 2 > of 4 - ZOOM + Press esc to exit full screen $ 39,000 40,000 2,400 8,700 Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Total Assets $ 90,100 177,000 (42,000) 135,000 $225,100 Liabilities Current Liabilities: Accounts Payable $ 8,000 Stockholder's Equity $ 130,000 87,100 Common Stock, no par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 217,100 $225,100 Page of 4 - ZOOM + 87/100 Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 217,100 $225,100 Other data for Grilton Tire Company: a. Budgeted Sales are 1,500 for the first quarter and expected to increase by 200 tires per quarter. Cash Sales are expected to be 30% of total sales, with the remaining 70% of sales on account. b. Finished Goods Inventory on December 31, 2020 consists of 300 tires at $29 each. C. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2022 are expected to be 2,300 tires and second quarter sales for 2022 are expected to be 2,500. FIFO inventory costing method is used. d. Direct Materials cost is $8 per tire. e. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production. f. Each tire requires 0.40 hours of direct labor; direct labor costs average $16 per hour. g. Variable manufacturing overhead is $2 per tire produced. Page 3 > of 4 - ZOOM + h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $26,780 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $1,800 per quarter for rent; $1,200 per quarter for insurance; and $500 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter. I. Cash receipts for sales on account are 60% in the quarter of sale and 40% in the quarter following the sale. The December 31, 2020 Accounts Receivable ($40,000) is received in the first quarter of 2020. m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter. The December 31, 2020 Accounts Payable ($8,000) is paid in the first quarter of 2021. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. o. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. p. Grilton desires to maintain a minimum cash balance of $35,000 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 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Interest must be paid at the beginning of each quarter. REQUIREMENTS: Page 3 of 4 C - ZOOM + incurred. p. Grilton desires to maintain a minimum cash balance of $35,000 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 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Interest must be paid at the beginning of each quarter. REQUIREMENTS: 1. Prepare a sales budget in units and dollars for each quarter and in total for the year 2021. (5 pts.) 2. Prepare a schedule of expected cash collections for each quarter and in total for the year 2021. (10 pts.) 3. Prepare a production budget for each quarter and in total for the year 2021. (10 pts.) 4. Prepare a direct materials budget for each quarter and in total for the year 2021. (10 pts.) 5. Prepare a schedule of expected cash disbursements for purchases of materials for each quarter and in total of the year 2021. (10 pts.) 6. Prepare a budgeted Schedule of Cost of Goods Manufactured for the year of 2021. (5 pts.) Page 4 of 4 ZOOM + 7. Prepare a budgeted Income Statement for the year of 2021 (10 pts.) 8. Prepare a cash budget for the year of 2021. (15 pts. 9. Group Participation (25 pts.) I will award group participation points based on each student's discussion activity in their team's discussion forum, within the Google Spreadsheet, or in any other discussion environment. GRILTON TIRE COMPANY SALES BUDGET 1 2 3 4 Year 1 2 Sales in units 1500 1700 1900 2100 2300 2500 2700 x Selling price 50 50 50 50 50 50 50 Total Sales $75,000 $85,000 $95,000 $105,000 $360,000 SCHEDULE OF EXPECTED CASH COLLECTIONS 1 2 3 4 Year $40,000 4th Quarter 2020 Cash Sales $22,500 $25,500 $28,500 $31,500 1st Quarter 2021 2nd Quarter 2021 3rd Quarter 2021 4th Quarter 2021 Totals PRODUCTION BUDGET 1 2 3 4 Year 1 2 Sales in units Add desired units of ending Fin. Goods Inv. Total needs Less: units of beg. Fin. Goods Inv. Required production in units DIRECT MATERIALS BUDGET 1 N 3 4 Year 1 Required production in units x $8.00 per unit Total cost of production needs Add: Desired cost of ending raw material Inventory Total cost of raw materials needed Less: cost of beginning raw materials inventory Cost of raw materials to be purchased SCHEDULE OF EXPECTED CASH DISBURSEMENTS FOR PURCHASES OF MATERIALS 1 2 3 4 Year A/P, Dec. 31, 2020 1st Quarter 2021 2nd Quarter 2021 3rd Quarter 2021 4th Quarter 2021 Totals DIRECT LABOR BUDGET 1 2 3 4 Year Total production units x Direct labor hours per unit Total direct labor hours x Direct labor cost per hour Total direct labor cost MANUFACTURING OVERHEAD BUDGET 1 N 3 3 4 Year Variable Overhead Costs: Units of production x Variable Overhead Rate Total Variable Overhead Fixed Overhead Costs: Depreciation Other Total Fixed OH costs Total Manu. OH costs Less Depreciation Manufacturing Overhead paid in cash Page 2 > of 4 - ZOOM + Press esc to exit full screen $ 39,000 40,000 2,400 8,700 Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Total Assets $ 90,100 177,000 (42,000) 135,000 $225,100 Liabilities Current Liabilities: Accounts Payable $ 8,000 Stockholder's Equity $ 130,000 87,100 Common Stock, no par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 217,100 $225,100 Page of 4 - ZOOM + 87/100 Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 217,100 $225,100 Other data for Grilton Tire Company: a. Budgeted Sales are 1,500 for the first quarter and expected to increase by 200 tires per quarter. Cash Sales are expected to be 30% of total sales, with the remaining 70% of sales on account. b. Finished Goods Inventory on December 31, 2020 consists of 300 tires at $29 each. C. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2022 are expected to be 2,300 tires and second quarter sales for 2022 are expected to be 2,500. FIFO inventory costing method is used. d. Direct Materials cost is $8 per tire. e. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production. f. Each tire requires 0.40 hours of direct labor; direct labor costs average $16 per hour. g. Variable manufacturing overhead is $2 per tire produced. Page 3 > of 4 - ZOOM + h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $26,780 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $1,800 per quarter for rent; $1,200 per quarter for insurance; and $500 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter. I. Cash receipts for sales on account are 60% in the quarter of sale and 40% in the quarter following the sale. The December 31, 2020 Accounts Receivable ($40,000) is received in the first quarter of 2020. m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter. The December 31, 2020 Accounts Payable ($8,000) is paid in the first quarter of 2021. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. o. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. p. Grilton desires to maintain a minimum cash balance of $35,000 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 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Interest must be paid at the beginning of each quarter. REQUIREMENTS: Page 3 of 4 C - ZOOM + incurred. p. Grilton desires to maintain a minimum cash balance of $35,000 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 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Interest must be paid at the beginning of each quarter. REQUIREMENTS: 1. Prepare a sales budget in units and dollars for each quarter and in total for the year 2021. (5 pts.) 2. Prepare a schedule of expected cash collections for each quarter and in total for the year 2021. (10 pts.) 3. Prepare a production budget for each quarter and in total for the year 2021. (10 pts.) 4. Prepare a direct materials budget for each quarter and in total for the year 2021. (10 pts.) 5. Prepare a schedule of expected cash disbursements for purchases of materials for each quarter and in total of the year 2021. (10 pts.) 6. Prepare a budgeted Schedule of Cost of Goods Manufactured for the year of 2021. (5 pts.) Page 4 of 4 ZOOM + 7. Prepare a budgeted Income Statement for the year of 2021 (10 pts.) 8. Prepare a cash budget for the year of 2021. (15 pts. 9. Group Participation (25 pts.) I will award group participation points based on each student's discussion activity in their team's discussion forum, within the Google Spreadsheet, or in any other discussion environment. GRILTON TIRE COMPANY SALES BUDGET 1 2 3 4 Year 1 2 Sales in units 1500 1700 1900 2100 2300 2500 2700 x Selling price 50 50 50 50 50 50 50 Total Sales $75,000 $85,000 $95,000 $105,000 $360,000 SCHEDULE OF EXPECTED CASH COLLECTIONS 1 2 3 4 Year $40,000 4th Quarter 2020 Cash Sales $22,500 $25,500 $28,500 $31,500 1st Quarter 2021 2nd Quarter 2021 3rd Quarter 2021 4th Quarter 2021 Totals PRODUCTION BUDGET 1 2 3 4 Year 1 2 Sales in units Add desired units of ending Fin. Goods Inv. Total needs Less: units of beg. Fin. Goods Inv. Required production in units DIRECT MATERIALS BUDGET 1 N 3 4 Year 1 Required production in units x $8.00 per unit Total cost of production needs Add: Desired cost of ending raw material Inventory Total cost of raw materials needed Less: cost of beginning raw materials inventory Cost of raw materials to be purchased SCHEDULE OF EXPECTED CASH DISBURSEMENTS FOR PURCHASES OF MATERIALS 1 2 3 4 Year A/P, Dec. 31, 2020 1st Quarter 2021 2nd Quarter 2021 3rd Quarter 2021 4th Quarter 2021 Totals DIRECT LABOR BUDGET 1 2 3 4 Year Total production units x Direct labor hours per unit Total direct labor hours x Direct labor cost per hour Total direct labor cost MANUFACTURING OVERHEAD BUDGET 1 N 3 3 4 Year Variable Overhead Costs: Units of production x Variable Overhead Rate Total Variable Overhead Fixed Overhead Costs: Depreciation Other Total Fixed OH costs Total Manu. OH costs Less Depreciation Manufacturing Overhead paid in cash