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Balance Sheet, December 31 Cash Accounts receivable Raw materials Finished goods Land Plant and equipment Less: accumulated depreciation Total assets Accounts payable to suppliers Common Stock Retained Earnings Total liabilities and equity \begin{tabular}{|r|r|} \hline & $41,700 \\ \hline & 192,000 \\ \hline$500,000 & 102,240 \\ \hline 112,000 & 64,400 \\ \hline & $88,000 \\ \hline \hline$838,340 \\ \hline$100,000 & \\ \hline 698,340 & $40,000 \\ \hline & $838,340 \\ \hline \hline \end{tabular} Information: Budgeted "Item 1 " sales in units January February March April May Selling price Collections from customers Collected in month of sale Collected the following month Desired finished goods inventory (\% of next month's unit sales) Desired raw material inventory (\% of next month's production needs) Raw material units needed to produce one Gizmo A12 B34 Beginning inventory units \& cost Item 1 A12 B34 7,000 8,000 11,000 7,000 $70 Purchases 45% 55% 20% 25% + $46.00 $2.80 May Selling price Collections from customers Collected in month of sale Collected the following month Desired finished goods inventory (\% of next month's unit sales) Desired raw material inventory (\% of next month's production needs) Raw material units needed to produce one Gizmo A12 B34 Beginning inventory units \& cost Item 1 A12 B34 Purchases Paid in the month of purchase Paid in the subsequent month Direct labor time to produce one Gizmo Cost of direct labor Factory overhead Selling and administrative expenses Plant and equipment depreciation 7,000 $70 45% 20% 25% 70% 30% 0.5 hours $24 per hour $12 per direct labor hr. $10,000 fixed 15% variable $12,000 per year Create the requisite budgets listed below for Jan, Feb, March Sales \& Production Material Purchase Direct Labor \& FOH S&A Create a new tab for each as listed above Link and use formulas Data Sheet