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OPTIMA, INC. General information: Selling price of bamboo rocking horses $33.50 Linear feet of bamboo required per rocking horse Cost of bamboo per foot Hours required to build Average hourly direct labor rate Additional information: Ending finished goods inventory (percentage of the next quarter's sales) 40% Ending raw materials inventory (percentage of the next quarter's production) 30% Quarters/Year Variable manufacturing overhead rate per direct labor hour Estimated quarterly fixed manufacturing overhead $8.00$275,000.004 Estimated quarterly selling and administrative expenses: Variable Fixed $6.00 $200,000.00 Expected number of frames sold in following quarters: 4thQuarter20191stQuarter20202ndQuarter20203rdQuarter20204thQuarter20201stQuarter20212ndQuarter202155,00065,00070,00075,00090,00090,00075,000 Additional information: Cash on hand at January 1st, 2020 Percentage of sales in cash Percentage of credit sales collected during quarter of sale Percentage of credit sales collected in quarter following sale Percentage of direct material purchases paid in quarter purchased Percentage of direct material purchases paid in following quarter Depreciation included in quarterly fixed manufacturing overhead $75,000 Depreciation included in quarterly fixed selling and administartive expenses $50,000 Amount expected to be paid for a piece of equipment (purchased in 4 th Quarter of 2020 ) Minimum cash balance required Borrowing increments Quarterly dividend payments $750,000 $40,000 $1 $250,000 Regarding Inventory: Work-in-process has a zero beginning and ending balance. Direct Materials inventory dollar amounts need to be rolled fonvard to get the ending balance: (Beginning + Purchased Used = Ending) Optima Company Balance Sheet 12/31/2019 Optima Company Sales Budget for the year ending December 31,2020 Budgeted Sales (Units) Total Sales Optima Company Production Budget for the year ending December 31,2020 Budgeted Sales (Units) Qtr.1Qtr.2Qtr.3Qtr.4Total Desired Ending Inventory (Units) Less: Beginning Inventory (Units) Budgeted Production (Units) Optima Company Direct Materials Purchases Budget for the year ending December 31,2020 Budgeted Production (Units) \begin{tabular}{llllll} Qtr. 1 & Qtr. 2 & Qtr. 3 & Qtr. 4 & Total \\ \hline \end{tabular} Materials per unit Production needs Desired ending Inventory Less: Beginning Inventory Purchases Cost per unit Purchase cost Optima Company Direct Labor Budget for the year ending December 31, 2020 Budgeted Production (Units) Hours needed 41 Hours per unit Hours needed Cost per hour Total Cost Optima Company Overhead Budget for the year ending December 31,2020 Budgeted hours Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Total Variable Rate Budgeted VOH Budgeted FOH Total OH Optima Company Selling and Administrative Expenses Budget for the year ending December 31, 2020 Budgeted Sales (Units) Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Total Variable Rate Variable expenses Fixed expenses Total expenses Optima Company Budgeted Cost Per Unit for the year ending December 31,2020 Budgeted Manufacturing Costs: Direct Materials Direct Labor Overhead: Variable Fixed Total Unit Costs 41 Hours per unit Hours needed Cost per hour Total Cost Optima Company Overhead Budget for the year ending December 31,2020 Budgeted hours Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Total Variable Rate Budgeted VOH Budgeted FOH Total OH Optima Company Selling and Administrative Expenses Budget for the year ending December 31, 2020 Budgeted Sales (Units) Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Total Variable Rate Variable expenses Fixed expenses Total expenses Optima Company Budgeted Cost Per Unit for the year ending December 31,2020 Budgeted Manufacturing Costs: Direct Materials Direct Labor Overhead: Variable Fixed Total Unit Costs Optima Company Income Statement for the year ending December 31, 2020 Sales Less: COGS Gross margin Less: S\&A Expenses Income before taxes Optima Company Retained Earnings Statement for the year ending December 31, 2020 Beginning Retained Earnings Add: Net Income(Loss) Deduct Dividends Ending Retained Earnings Optima Company Balance Sheet Decmeber 31,2020 Assets Liabilities and Stockholders Equity Cash Accounts Payable Accounts Receivable Line of Credit Payable Finished Goods Inventory Capital Stock Direct Materials Inventory Retained Earnings Plant, Property, and Equipment Total Assets Total Liabilities \& Stockholders' E