help a q thanks The Giseppe Tire Company manufactures moing tires for bicycles Giseppe selis tires for 580 each Giseppe is planning for the nede year by developing a master budget by quarters Giseppe's bolance sheet for December 31, 2024, follows (Click the icon to view the balance steet) Other data for Giseppe Tire Company (Click the icen to view the other data) Read the requirements Requirement 1 Prepare Giseppe's operating budget and cash budget for 2025 by quarter Required schedules and budgets include sales budget, production budget, direct materials budget, diroct labor budget, manufacturing overhead budget, cost of goods sold budget, seling and adminstrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget Manufacturing overhead costs are allocated based on drect labor hours Round all catculations to the nearest dollar Data table Giseppe Tire Company Balance Sheet December 31, 2024 Assets Current Assets Liabilities Current Liabilities Accounts Payable 16 000 (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024 ) a Budgeted sales are 1,700 tires for the first quarter and expected to increase by 100 tires per quarter Cash sales are expected to be 40 of total sales, with the remaining 60 of sales on account b Finished Goods Inventory on December 31,2024 consists of 100 tires at $29 each c Desired ending Finished Goods Inventory is 20 of the next quarter's sales first quarter sales for 2026 are expected be 2,100 tires FIFO inventory costing method is used d Raw Materials Inventory on December 31,2024 , consists of 200 pound trof rubber compound used to manufacture the tires e Direct materials requirements are two pounds of a rubber compound per tire The cost of the compound is $7 50 per pound f Desired ending Raw Materials Inventory is 40 of the next quarter's direct materials needed for production desired ending inventory for December 31,2025 is 200 pounds indirect materials are insignificant and not considered for budgeting purposes g Each tire requires 0 70 hours of direct labor direct labor costs average $16 per hour h Variable manufacturing overhead is $1 per tire i Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $46,908 per quarter for other costs, such as utilities, insurance, and property taxes 1 Fixed selling and administrative expenses include $14,000 per quarter for salaries $5,100 per quarter for rent $750 per quarter for insurance and $2,000 per quarter for depreciation k Variable selling and administrative expenses include supplies at 3 of sales I Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter g Each tire requires 0 70 hours of direct labor direct labor costs average $16 per hour h Variable manufacturing overhead is $1 per tire i Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $46,908 per quarter for other costs, such as utilities, insurance, and property taxes j Fixed selling and administrative expenses include $14,000 per quarter for salaries $5,100 per quarter for rent $750 per quarter for insurance and $2,000 per quarter for depriation k Variable selling and administrative expenses include supplies at 3 of sales 1 Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter m Cash receipts for sales on account are 65 in the quarter of the sale and 35 in the quarter following the sale December 31, 2024, Accounts Receivable is received in the first quarter of 2025 uncollectible accounts are considered insignificant and not considered for budgeting purposes n Direct materials purchases are paid 80 in the quarter purchased and 20 in the following quarter December 31, 2024, Accounts Payable is paid in the first quarter of 2025 o Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred p Income tax expense is projected at $4,500 per quarter and is paid in the quarter incurred q Giseppe desires to maintain a minimum cash balance of $65,000 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 5 per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter The Giseppe Tire Company manufactures moing tires for bicycles Giseppe selis tires for 580 each Giseppe is planning for the nede year by developing a master budget by quarters Giseppe's bolance sheet for December 31, 2024, follows (Click the icon to view the balance steet) Other data for Giseppe Tire Company (Click the icen to view the other data) Read the requirements Requirement 1 Prepare Giseppe's operating budget and cash budget for 2025 by quarter Required schedules and budgets include sales budget, production budget, direct materials budget, diroct labor budget, manufacturing overhead budget, cost of goods sold budget, seling and adminstrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget Manufacturing overhead costs are allocated based on drect labor hours Round all catculations to the nearest dollar Data table Giseppe Tire Company Balance Sheet December 31, 2024 Assets Current Assets Liabilities Current Liabilities Accounts Payable 16 000 (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024 ) a Budgeted sales are 1,700 tires for the first quarter and expected to increase by 100 tires per quarter Cash sales are expected to be 40 of total sales, with the remaining 60 of sales on account b Finished Goods Inventory on December 31,2024 consists of 100 tires at $29 each c Desired ending Finished Goods Inventory is 20 of the next quarter's sales first quarter sales for 2026 are expected be 2,100 tires FIFO inventory costing method is used d Raw Materials Inventory on December 31,2024 , consists of 200 pound trof rubber compound used to manufacture the tires e Direct materials requirements are two pounds of a rubber compound per tire The cost of the compound is $7 50 per pound f Desired ending Raw Materials Inventory is 40 of the next quarter's direct materials needed for production desired ending inventory for December 31,2025 is 200 pounds indirect materials are insignificant and not considered for budgeting purposes g Each tire requires 0 70 hours of direct labor direct labor costs average $16 per hour h Variable manufacturing overhead is $1 per tire i Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $46,908 per quarter for other costs, such as utilities, insurance, and property taxes 1 Fixed selling and administrative expenses include $14,000 per quarter for salaries $5,100 per quarter for rent $750 per quarter for insurance and $2,000 per quarter for depreciation k Variable selling and administrative expenses include supplies at 3 of sales I Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter g Each tire requires 0 70 hours of direct labor direct labor costs average $16 per hour h Variable manufacturing overhead is $1 per tire i Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $46,908 per quarter for other costs, such as utilities, insurance, and property taxes j Fixed selling and administrative expenses include $14,000 per quarter for salaries $5,100 per quarter for rent $750 per quarter for insurance and $2,000 per quarter for depriation k Variable selling and administrative expenses include supplies at 3 of sales 1 Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter m Cash receipts for sales on account are 65 in the quarter of the sale and 35 in the quarter following the sale December 31, 2024, Accounts Receivable is received in the first quarter of 2025 uncollectible accounts are considered insignificant and not considered for budgeting purposes n Direct materials purchases are paid 80 in the quarter purchased and 20 in the following quarter December 31, 2024, Accounts Payable is paid in the first quarter of 2025 o Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred p Income tax expense is projected at $4,500 per quarter and is paid in the quarter incurred q Giseppe desires to maintain a minimum cash balance of $65,000 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 5 per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter

Question

help a q thanks  The Giseppe Tire Company manufactures moing tires for bicycles  Giseppe selis tires for 580 each  Giseppe is planning for the nede year by developing a master budget by quarters  Giseppe's bolance sheet for December 31, 2024, follows  (Click the icon to view the balance steet) Other data for Giseppe Tire Company  (Click the icen to view the other data) Read the requirements  Requirement 1  Prepare Giseppe's operating budget and cash budget for 2025 by quarter  Required schedules and budgets include  sales budget, production budget, direct materials budget, diroct labor budget, manufacturing overhead budget, cost of goods sold budget, seling and adminstrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget  Manufacturing overhead costs are allocated based on drect labor hours  Round all catculations to the nearest dollar  Data table Giseppe Tire Company Balance Sheet December 31, 2024 Assets Current Assets  Liabilities Current Liabilities  Accounts Payable 16 000 (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024  ) a  Budgeted sales are 1,700 tires for the first quarter and expected to increase by 100 tires per quarter  Cash sales are expected to be 40  of total sales, with the remaining 60  of sales on account  b  Finished Goods Inventory on December 31,2024 consists of 100 tires at $29 each  c  Desired ending Finished Goods Inventory is 20  of the next quarter's sales  first quarter sales for 2026 are expected be 2,100 tires  FIFO inventory costing method is used  d  Raw Materials Inventory on December 31,2024 , consists of 200 pound trof rubber compound used to manufacture the tires  e  Direct materials requirements are two pounds of a rubber compound per tire  The cost of the compound is $7 50 per pound  f  Desired ending Raw Materials Inventory is 40  of the next quarter's direct materials needed for production  desired ending inventory for December 31,2025 is 200 pounds  indirect materials are insignificant and not considered for budgeting purposes  g  Each tire requires 0 70 hours of direct labor  direct labor costs average $16 per hour  h  Variable manufacturing overhead is $1 per tire  i  Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $46,908 per quarter for other costs, such as utilities, insurance, and property taxes  1  Fixed selling and administrative expenses include $14,000 per quarter for salaries  $5,100 per quarter for rent  $750 per quarter for insurance  and $2,000 per quarter for depreciation  k  Variable selling and administrative expenses include supplies at 3  of sales  I  Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter  g  Each tire requires 0 70 hours of direct labor  direct labor costs average $16 per hour  h  Variable manufacturing overhead is $1 per tire  i  Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $46,908 per quarter for other costs, such as utilities, insurance, and property taxes  j  Fixed selling and administrative expenses include $14,000 per quarter for salaries  $5,100 per quarter for rent  $750 per quarter for insurance  and $2,000 per quarter for depriation  k  Variable selling and administrative expenses include supplies at 3  of sales  1  Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter  m  Cash receipts for sales on account are 65  in the quarter of the sale and 35  in the quarter following the sale  December 31, 2024, Accounts Receivable is received in the first quarter of 2025  uncollectible accounts are considered insignificant and not considered for budgeting purposes  n  Direct materials purchases are paid 80  in the quarter purchased and 20  in the following quarter  December 31, 2024, Accounts Payable is paid in the first quarter of 2025  o  Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred  p  Income tax expense is projected at $4,500 per quarter and is paid in the quarter incurred  q  Giseppe desires to maintain a minimum cash balance of $65,000 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 5  per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter  The Giseppe Tire Company manufactures moing tires for bicycles  Giseppe selis tires for 580 each  Giseppe is planning for the nede year by developing a master budget by quarters  Giseppe's bolance sheet for December 31, 2024, follows  (Click the icon to view the balance steet) Other data for Giseppe Tire Company  (Click the icen to view the other data) Read the requirements  Requirement 1  Prepare Giseppe's operating budget and cash budget for 2025 by quarter  Required schedules and budgets include  sales budget, production budget, direct materials budget, diroct labor budget, manufacturing overhead budget, cost of goods sold budget, seling and adminstrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget  Manufacturing overhead costs are allocated based on drect labor hours  Round all catculations to the nearest dollar  Data table Giseppe Tire Company Balance Sheet December 31, 2024 Assets Current Assets  Liabilities Current Liabilities  Accounts Payable 16 000 (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024  ) a  Budgeted sales are 1,700 tires for the first quarter and expected to increase by 100 tires per quarter  Cash sales are expected to be 40  of total sales, with the remaining 60  of sales on account  b  Finished Goods Inventory on December 31,2024 consists of 100 tires at $29 each  c  Desired ending Finished Goods Inventory is 20  of the next quarter's sales  first quarter sales for 2026 are expected be 2,100 tires  FIFO inventory costing method is used  d  Raw Materials Inventory on December 31,2024 , consists of 200 pound trof rubber compound used to manufacture the tires  e  Direct materials requirements are two pounds of a rubber compound per tire  The cost of the compound is $7 50 per pound  f  Desired ending Raw Materials Inventory is 40  of the next quarter's direct materials needed for production  desired ending inventory for December 31,2025 is 200 pounds  indirect materials are insignificant and not considered for budgeting purposes  g  Each tire requires 0 70 hours of direct labor  direct labor costs average $16 per hour  h  Variable manufacturing overhead is $1 per tire  i  Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $46,908 per quarter for other costs, such as utilities, insurance, and property taxes  1  Fixed selling and administrative expenses include $14,000 per quarter for salaries  $5,100 per quarter for rent  $750 per quarter for insurance  and $2,000 per quarter for depreciation  k  Variable selling and administrative expenses include supplies at 3  of sales  I  Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter  g  Each tire requires 0 70 hours of direct labor  direct labor costs average $16 per hour  h  Variable manufacturing overhead is $1 per tire  i  Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $46,908 per quarter for other costs, such as utilities, insurance, and property taxes  j  Fixed selling and administrative expenses include $14,000 per quarter for salaries  $5,100 per quarter for rent  $750 per quarter for insurance  and $2,000 per quarter for depriation  k  Variable selling and administrative expenses include supplies at 3  of sales  1  Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter  m  Cash receipts for sales on account are 65  in the quarter of the sale and 35  in the quarter following the sale  December 31, 2024, Accounts Receivable is received in the first quarter of 2025  uncollectible accounts are considered insignificant and not considered for budgeting purposes  n  Direct materials purchases are paid 80  in the quarter purchased and 20  in the following quarter  December 31, 2024, Accounts Payable is paid in the first quarter of 2025  o  Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred  p  Income tax expense is projected at $4,500 per quarter and is paid in the quarter incurred  q  Giseppe desires to maintain a minimum cash balance of $65,000 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 5  per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter

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help a-q thanks! The Giseppe Tire Company manufactures moing tires for bicycles. Giseppe selis tires for 580 each. Giseppe is planning for the nede year

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