Can you please answer selling and administrative expense budget ... and the ending finished goods inventory.....(can you please show how you got the answers for example the different formulas? ) god bless you!

Okay Co., a new startup business, is preparing their budget for the first quarter 2022 ending March 31. Budgeted sales of the company's only product for the next five months are January 8,800 units February 6,100 units March 8,200 units April 5,400 units May 6,200 units The selling price is $57 per unit Prepare the following elements of the master budget for this problem: (150 points) 1 Sales budget (a with a schedule of expected cash collections). 2. Production budget 3. Direct materials budget (b with a schedule of expected cash disbursements for materials). 4. Direct labor budget. 5 Manufacturing-overhead budget. 6. Ending finished goods inventory budget. 7. Selling and administrative expense budget. 8. Cash budget 9. Budgeted income statement. 10. Budgeted balance sheet. (beginning and ending balance sheet) SCHEDULE FYDFCTER CASH COLLECTIONS HOUL . SCHEDULE OF EXPECTED CASH COLLECTIONS All Sales are on account. The company collects 60% of credit sales in the month of the sale, 35% of credit sales in the following month and 5% remain uncollectible. The accounts receivable balance on January 1 was $0. PRODUCTION BUDGET The company desires to have inventory on hand at the end of each month equal to 20% of the following month's budgeted unit sales. On December 31, 0 units were on hand. DIRECT MATERIALS BUDGET 7.0 pounds of material are required per unit of product. Management desires to have materials on hand at the end of each month equal to 10% of the following month's production needs. The beginning materials inventory was 0 pounds. . Adot . . The material costs $.56 per pound. SCHEDULE OF EXPECTED CASH DISBURSEMENTS FOR MATERIAL 60% of a month's purchases are paid for in the month of purchase; 40% is paid for in the following month. No discounts are given for early payment. The accounts payable balance on December 31 was $0. DIRECT LABOR BUDGET Each unit produced requires 74 hours of direct labor. Each hour of direct labor costs the company $14.00. Management fully adjusts the workforce to the workload each month. MANUFACTURING OVERHEAD BUDGET Variable manufacturing overhead is $3.20 per direct labor-hour. Fixed manufacturing overhead is $91,000 per month. This includes $15,000 in depreciation, which is not a cash outflow. ENDING FINISHED GOODS INVENTORY BUDGET Okay, a new startup business, uses absorption costing in its budgeted income statement and balance sheet. Manufacturing overhead is applied to units of product on the basis of direct labor- hours The company has no work in process inventories. SELLING AND ADMINISTRATIVE EXPENSE BUDGET . . Adobe . . Paragraph Styles SELLING AND ADMINISTRATIVE EXPENSE BUDGET Variable selling and administrative expenses are $1.10 per unit sold. Fixed selling and administrative expenses are $62,000 per month and include $8,000 in depreciation. CASH BUDGET 1. A line of credit is available at a local bank. a. All borrowing occurs at the beginning of the month, and all repayments occur at the end of the month. Borrowing occurs in increments of $1,000. b. Any interest incurred during the first quarter will be paid at the end of the quarter. The interest rate is 18% per year. 2. Okay, a new startup business, desires a cash balance of at least $30,000 at the end of each month. The cash balance at the beginning of January was $18,000. 3. Cash dividends of $34,000 are to be paid to stockholders in February 4. Equipment purchases of $114,000 are scheduled for January and $112,000 for February. This equipment will be installed and tested during the first quarter and will not become operational until April, when depreciation charges will commence. Normal 2. 5 Editing Create and Share Re Adobe PDF Sigru Paragraph Styles Adobe Acrobat Okay, a new startup business, desires a cash balance of at least $30,000 at the end of each month. The cash balance at the beginning of January was $18,000. Cash dividends of $34,000 are to be paid to stockholders in February. Equipment purchases of $114,000 are scheduled for January and $112,000 for February. This equipment will be installed and tested during the first quarter and will not become operational until April, when depreciation charges will commence. 3. 4. AU Additional Information: The following balances exist on January 1: Land $300,000 Equipment $162,000 Common Stock $480.000 73 MANUFACTURING OVERHEAD BUDGET 74 O 75 78 77 78 79 80 Quarter Budgeted direct labor-hours Variable manufacturing overhead rate Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead 81 Less depreciation 82 Cash disbursements for manufacturing overhead 83 84 ENDING FINISHED GOODS INVENTORY BUDGET 85 36 Computation of absorption unit product cost: 37 3 Direct materials 9 Direct labor - Manufacturing overhead Unit product cost Total Quantity pounds hours hours Cost per pound per hour per hour Predetermined Overhead Rate = Total manufacturing overhead Total direct labor hours B c D A Predetermined Overhead Rate = Total manufacturing overhead = Total direct labor hours Budgeted ending finished goods inventory Ending finished goods inventory in units Unit product cost Ending finished goods inventory in dollars