I have already done the first couple requirements just need some guidance with the next few

[The following information applies to the questions displayed below.] Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It is in the process of creating a master budget for 2017 and reports a balance sheet at December 31, 2016 as follows: Endless Mountain Company Balance Sheet December 31, 2016 Assets Current assets: $ 46,200 260,000 11,250 32,250 Cash Accounts receivable (net) Raw materials inventory (4,500 yards) Finished goods inventory (1,500 units) Total current assets Plant and equipment: $349,700 Buildings and equipment Accumulated depreciation 900,000 (292,000) 608,000 $957,700 Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity: $158,000 Common stock $ 419,800 379,900 Retained earnings 799,700 $957,700 Total stockholders' equity Total liabilities and stockholders' equity The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2017 budget: 1 of 1 Prev Next Check my work The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2017 budget: 1. The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units, and 25,000 units for quarters 1-4 respectively. Notice that the company experiences peak sales in the second and fourth quarters. The budgeted selling price for the year is $32 per unit. The budgeted unit sales for the first quarter of 2018 is 13,000 units 2. All sales are on credit. Uncollectible accounts are negligible and can be ignored. Seventy-five percent of all credit sales are collected in the quarter of the sale and 25% are collected in the subsequent quarter. 3. Each quarter's ending finished goods inventory should equal 15% of the next quarter's unit sales 4. Each unit of finished goods requires 3.5 yards of raw material that costs $3.00 per yard. Each quarter's ending raw materials inventory should equal 10% of the next quarter's production needs. The estimated ending raw materials inventory on December 31, 2017 is 5,000 yards 5. Seventy percent of each quarter's purchases are paid for in the quarter of purchase. The remaining 30% of each 6. Direct laborers are paid $18 an hour and each unit of finished goods requires 0.25 direct labor-hours to complete 7. The budgeted variable manufacturing overhead per direct labor-hour is $3.00. The quarterly fixed manufacturing quarter's purchases are paid in the following quarter. All direct labor costs are paid in the quarter incurred overhead is $150,000 including $20,000 of depreciation on equipment. The number of direct labor-hours is used as the allocation base for the budgeted plantwide overhead rate. All overhead costs (excluding depreciation) are paid in the quarter incurred 8. The budgeted variable selling and administrative expense is $1.25 per unit sold. The fixed selling and administrative expenses per quarter include advertising ($25,000), executive salaries ($64,000), insurance ($12,000), property tax ($8,000), and depreciation expense ($8,000). All selling and administrative expenses (excluding depreciation) are paid in the quarter incurred 9. The company plans to maintain a minimum cash balance at the end of each quarter of $30,000. Assume that any borrowings take place on the first day of the quarter. To the extent possible, the company will repay principal and interest on any borrowings on the last day of the fourth quarter. The company's lender imposes a simple interest rate of 3% per quarter on any borrowings 10. Dividends of $15,000 will be declared and paid in each quarter 11. The company uses a last-in, first-out (LIFO) inventory flow assumption. This means that the most recently purchased raw materials are the "first-out" to production and the most recently completed finished goods are the Check work my Required information 10. Balance sheet at December 31, 2017. Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Required 4Required 5 Required 6 Required 7Required 8 Required 9 Required 10 Prepare the quarterly direct labor budget. (Round "Per Unit" to 2 decimal places.) Endless Mountain Company Direct Labor Budget For the Year Ended December 31, 2017 Quarter 2 4 Year 33,700 8,425.00 283,922,500.0 23,200 Required production in units Direct labor-hours per unit Total direct labor-hours needed Direct labor cost per hour Total direct labor cost 16,050 16,500 Required 3 Required 5> Required information Required 1 Required 2 Required 3Required 4 Required 5Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the quarterly manufacturing overhead budget. (Round "Budgeted direct labor hours" answers to 1 decimal place.) Endless Mountain Company Manufacturing Overhead Budget For the Year Ended December 31, 2017 Quarter 3 Year Budgeted direct labor hours Variable manufacturing overhead per direct labor-hour Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Less depreciation Cash disbursements for manufacturing overhead 0 0 0 Total manufacturing overhead Budgeted direct labor hours Predetermined overhead rate for the year Required information Endless Mountain Company Ending Finished Goods Inventory Budget (absorption costing basis) For the Year Ended December 31, 2017 Quantity Total Item Cost Production cost per unit yards hours hours Direct materials Direct labor Manufacturing overhead Unit product cost per yard per hour per hour 0.00 Budgeted finished goods inventory: Units from prior year's production Unit product cost Cost from prior year's production Units from current year's production Unit product cost Cost from current year's production 0 Cost of ending finished goods inventory Required information Prepare the quarterly selling and administrative expense budget. (Round the Variable cost per unit to 2 decimal places.) Endless Mountain Company Selling and Administrative Expense Budget For the Year Ended December 31, 2017 Quarter 4 Year Budgeted unit sales Variable selling and administrative expense per unit Sales Fixed selling and administrative expenses Advertising Executive salaries Insurance Property taxes Depreciation Total fixed selling and administrative expenses Total selling and administrative expenses Less depreciation Cash disbursements for selling and administrative expenses $ 0 0 0 0 0 Required 6 Required 8> Check Required information Quarter Year 20 points Beginning cash balance Add cash receipts Collection from Total cash available Less cash disbursements: customers eBook 0 0 Print References Direct materials Direct labor Manufacturing overhead Selling and administrative Dividends Total cash disbursements Excess or (deficiency) of cash available over disbursements Financing 0 Borrowings (at the beginnings of quarters) Repayment (at end of the year) Interest (at 3% per quarter) Total financing 0 Ending cash balance Required 7 Required 9 > Required 9 Complete this question by entering your answers in the tabs below. Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8-Required 9 Required 10 Required 1 Prepare the income statement for the year ended December 31, 2017. (Round final answers to the nearest whole dollar value.) Endless Mountain Company Budgeted Income Statement For the Year Ended December 31, 2017 (Absorption costing basis) 0 0 Required information Assets Current assets 20 points eBook Print References Total current assets 0 Plant and equipment: Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Total stockholders' equity 0 nl Mc