Hello, I always have problems getting started with a new lesson and any help I could receive for this practice problem would be great!!

Preparing a Master Budget HBI Inc. has gathered the following budgeting information for next year and has asked you to prepare their master budget. Budgeted unit sales Quarter 1 Quarter 2 Quarter 3 Quarter 4 175 125 154 183 Sales price per unit Quarter 1 Quarter 2 Quarter 3 Quarter 4 $616 $647 $647 $647 Beginning finished goods inventory in units Quarter 1 Desired ending finished goods inventory in units Quarter 1 Quarter 2 Quarter 3 Quarter 4 Direct materials cost per unit Quarter 1 Quarter 2 Quarter 3 Quarter 4 50 34 37 47 36 $69 $76 $76 $76 Beginning direct materials inventory in dollars Quarter 1 $2,196 Desired ending inventory, direct materials Quarter 1 Quarter 2 Quarter 3 Quarter 4 $1,707 $2,227 $2,541 $1,966 Direct labor hours per unit Direct labor cost per hour 3.00 $26 Applied Variable factory overhead rate per direct labor hour $21 Fixed overhead costs Depreciation of Production equipment Utilities Other factory overhead costs $2,050 $445 $103 Beginning work in process inventory Ending work in process inventory $12,317 $11,223 Sales commission percent Salary for sales manager for year Other selling expenses for year 12% $49,449 $5,043 Administrative expenses: Wages and salaries expense Rent expense Insurance expense Depreciation expense Supplies expense $20,475 $15,739 $1,267 $203 $259 Beginning finished goods inventory Ending finished goods inventory Interest expense Income tax expense Required: Complete the master budget for HBI, Inc. including the following budgets: 1. Sales budget 2. Production budget 3. Direct materials budget 4. Direct labor budget 5. Factory overhead budget 6. Cost of goods manufactured budget 7. Selling and administrative expenses budget 8. Income statement $0 $0 $9,797 $0 0.11806 Note* A PDF copy of the budgets (blank) are available if you think it would be helpful while you work through this problem. The dollar amounts for beginning and ending finished goods will self-calculate once you have completed the production budget and cost of goods manufactured budget. Use the ar (*Note: Your instru SALES BUDGET Sales Budget First quarter Second quarter Budgeted unit sales Sales price per unit Total sales in dollars PRODUCTION BUDGET Production Budget Budgeted unit sales (from sales budget) Add: Desired units in finished goods ending inventory Total units of finished goods needed Less: Beginning inventory, finished goods Total units to be produced First quarter Second quarter DIRECT MATERIALS BUDGET Direct Materials Budget Total units to be produced Direct materials cost per unit Direct materials needed for production Add: desired direct materials ending inventory Total direct materials needed Less: beginning inventory, direct materials Budgeted purchases of direct materials First quarter Second quarter DIRECT LABOR BUDGET Direct Labor Budget Total units to be produced Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour Budgeted direct labor costs First quarter Second quarter FACTORY OVERHEAD BUDGET Manufacturing Overhead Budget Variable overhead Direct labor hours needed for production Variable overhead cost per unit First quarter Second quarter Budgeted variable overhead Fixed overhead Depreciation of Production equipment Utilities Other factory overhead costs Total budgeted fixed overhead costs Budgeted total overhead costs BUDGETED COST OF GOODS MANUFACTURED Cost of Goods Manufacturing Budget Beginning work in process inventory Direct materials used: Beginning direct materials Inventory Purchases of direct materials Raw materials available for use Ending direct materials inventory Direct materials used Direct labor Total factory overhead costs Total manufacturing costs Total manufacturing costs to account for Ending Work in process inventory Cost of goods manufactured Total number of units produced Cost per unit to manufacture Round to two decimal places SELLING AND ADMINISTRATIVE EXPENSES BUDGET Selling and Administrative Expense Budget Selling expenses: Budgeted sales Sales commission percent Sales commission expense (round to whole dollars) Sales salary Other selling expenses Total selling expenses Administrative expenses: Wages and salaries expense First quarter Second quarter Rent expense Insurance expense Depreciation expense Supplies expense Total administrative expenses Total selling and administrative expenses INCOME STATEMENT Budgeted Income Statement Sales Cost of goods sold Beginning inventory, finished goods Cost of goods manufactured Cost of goods available for sale Ending inventory, finished goods Cost of goods sold Gross profit Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Operating income Interest expense Income before taxes Income tax expense Net income Use the area below to show your work and calculations. (*Note: Your instructor may use this area to help review and resolve any incorrect answers) Third quarter Fourth quarter Total for year Third quarter Fourth quarter Total for year Third quarter Fourth quarter Total for year Third quarter Fourth quarter Total for year Third quarter Fourth quarter Total for year ET DGET GET UDGET ANUFACTURED d to two decimal places PENSES BUDGET Third quarter Fourth quarter Total for year culations. ncorrect answers)