equired:

Prepare a master budget for MW Inc. for each quarter of $2024$ and for the year in total.

The following component budgets must be included:

a$.$ Beginning balance sheet $($classified as in Item $8,$ Budget Project$)$

b$.$ Sales budget

c$.$ Schedule of receipts

d$.$ Production budget

e$.$ Direct materials purchases budget

f$.$ Schedule of disbursements for materials

g$.$ Direct labour budget

h$.$ Overhead budget $($be sure to show disbursements for variable and fixed overheads, in

addition to applied variable and fixed overhead expenses$).$

i$.$ Selling and administrative budget $($be sure to show disbursements for selling and

administrative expenses$).$

j$.$ Cash budget

Prepare the following for the year, $2024,$ in total.

k$.$ Cost of goods manufactured budget

Cost of goods sold budget

m$.$ Budgeted income statement $($using absorption costing$)$

n$.$ Budgeted classified balance sheet

The Cash budget and Budgeted income statement are completed at the same time. Inc

tax payments for the cash budget will be based on income tax expense from the incor

statement. The amount of the income tax payments will impact the required

borrowings$/$repayments$,$ which will change interest expense on the income statemen

budgeted classified balance sheet is completed last.

Management has specifically asked about the company's gross profit ratio $($i$.$e$.$ Gro

Margin $/$ Sales Revenue$)$ ratio for $2024.$ Please ensure this this ratio $($percentage$)$ is

presented along with the budgeted income statement.

MW Inc.$\text{'}$s management is reevaluating the company's strategy in light of growin

consumer demand for ethically sourced products. Now that the company has esta

a market for its mats, the belief is that consumers will be willing to pay more for

product.

Management is considering the option of increasing pricing from $$45\mathrm{.}00$ per $m$

$$50\mathrm{.}00$ per mat. This price increase would be coupled with increased sales con

an increase in the commission rate from $3\%$ to $4\%$ is necessary to help soften

resistance expressed by MW Inc.$\text{'}$s customers $($i$.$e$.,$ sporting goods retailers$)$ vExpected sales, in units, for the four quarters of $2024$ and the first two quarters of $2025$ follow: The selling price for $2024$ has been set at $$81\mathrm{.}00$ per unit. All sales are on account. Seventy$-$five percent of sales on account are collected in the quarter of sale; twenty$-$two percent of sales on account are collected in the following quarter; and the final three percent are collected in the second quarter following. Assume that eighty percent of the balance in accounts receivable $($as of $31^($st $)$ December, $2023)$ will be collected in the first quarter of $2024$ and twenty percent in the second quarter of $2024.$ Assume no bad debts are incurred. Each component requires the following direct inputs: $4$ kilograms of direct material which is available at a price of $$5\mathrm{.}00$ per kilogram. $2$ hours of direct labour at a rate of $$12\mathrm{.}00$ per hour. Hyder Manufacturing has a policy of maintaining direct material ending inventory equal to $10\%$ of direct materials needed for the next quarter's production requirements. All raw materials are purchased on account. Fifty percent of a quarter's purchases are paid for in the quarter of purchase; the remaining in the following quarter. Hyder Manufacturing has a policy of keeping ending finished goods inventory equal to $10\%$ of next quarter's forecasted sales. There is no beginning or ending work$-$in$-$process inventory. Direct labour employees are paid at the end of each month. Total budgeted variable overhead costs for the $2024$ year $($at a level of sales estimated in part $1$ above$)$ follow: Prepare a master budget for Hyder Manufacturing Ltd$.$ for each quarter of $2024$ and for the year in total. The following component budgets must be included: a$.$ Beginning balance sheet $($classified$)$ as at the end of $2023.$ b$.$ Quarterly Sales budget. c$.$ Quarterly Schedule of receipts. d$.$ Quarterly Production budget. e$.$ Quarterly Direct materials purchases budget. f$.$ Quarterly Schedule of disbursements for materials.