Fill in the Liabilities and Equities Section of the balance sheet using formulas.

Projected Budgeting Data Sales & Collections February October 2020 30,000 November 2020 34,000 December 2020 55,000 January 2021 47,000 2021 Sales in Units (Sweaters) 32,000 Selling Price per Sweater $ 100.00 Cash Sales Collected in the Month of Sale Credit Sales Collected in the Month of Sale Credit Sales Collected in the Following Month 30% 50% 20% Inventory Policy Ending FG Inventory Requirement Ending FG Inventory, September 30, 2020 3% of next months unit sweater sales 1,500 sweaters Product Input Expenses Direct Materials Ending RM Inventory, September 30, 2020 Yards of Wool Required per Sweater Raw Materials Cost per Yard of Wool Ending RM Inventory Requirement ........ 8265.60 yards 4 yards per sweater $ 3.50 per yard 7% of next months sweater production needs Wool Purchases Paid for in the Month of Purchase Wool Purchases Paid for in the Month following the Purchase 85% 15% Direct Labor Number of Workers Required for the Making of Each Sweater Labor Hours Required per Worker per Unit of FG (Sweater) Labor Cost per Hour 2 workers 0.5 hours 15.00 per hour $ Manufacturing Overhead Variable Manufacturing Overhead Fixed Manufacturing Overhead Noncash Fixed Manufacturing Overhead (included in above) $ $ $ 11.75 per sweater 30,200.00 per month (Oct.) 10,250.00 per month (Oct.) $ $ 30,750.00 15,750.00 per month (Nov. & beyond) per month (Nov. & beyond) Selling & Administrative Expenses Variable S&A Fixed S&A Noncash Fixed S&A (included in above) $ $ $ 7.37 23,900.00 10,750.00 per unit sold per month per month Factory Update & Cash Flow Factory Update (PP&E) $ 400,500.00 paid on October 31, 2020 Principle Borrowed on October 1, 2020 Principle Repaid on November 30, 2020 Interest Payment on Borrowings in October & November $ 300,000.00 $ 300,000.00 $ 4,500.00 per month (paid in following month) ASSETS Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory PP&E, net TOTAL ASSETS Lexie's Wool Sweaters Budgeted Balance Sheet As of December 31, 2020 LIABILITIES & EQUITIES $ 4,886,087.23 Accounts Payable $ 1,100,000.00 Notes Payable $ 45,619.00 Interest Payable $ 57,457.50 TOTAL LIABILITIES $ 813,500.00 Retained Earnings $ 6,902,663.73 TOTAL LIABILITIES & EQUITIES