I need help with requirements e, f, g, h, i, j. Thanks!

As an accounting intern with Nerdzy Computer Co., you have been asked to help out with the budgeting process for this year. As you already know, Nerdzy is currently selling two products, basic and premium laptops, however, they want you to prepare the budgets assuming that only the premium laptop will be produced so that they can compare how the budget would be impacted if they were to eliminate the basic laptop line. Nerdzy Computer Co. is selling all of the computers to retailers, and all sales are on account. Using the balance sheet and additional information below you will need to: a.Prepare Nerdzy's operating budget and cash budget for the year by quarter. Required schedules and budgets include: a.Sales budget b. Production budget c. Direct materials budget d. Direct labor budget e.Manufacturing overhead budget f. Cost of goods sold budget g. Selling and administrative expense budget h.Schedule of cash receipts i.Schedule of cash payments j. Cash budget Additional Information a. Budgeted sales are 1,000 laptops for the first quarter and are expected to increase by 200 laptops per quarter. Cash sales are expected to make up 10% of total sales, the remainder will be on account. The expected sales price per computer is $70. b. Finished goods inventory on December 31,2020 , consists of 300 computers at $36 each. c. Desired ending finished goods inventory is 40% of the next quarter's sales; first-quarter sales for 2020 are expected to be 1,800 computers; FIFO Inventory costing is used. d. Raw Materials Inventory on December 31, 2020, consists of 750 pieces of the required component used to manufacture the laptops. e. Direct materials requirements are 2.5 pieces of material per computer. The cost of each piece is $4. f. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31,2021 , is 750 computer pleces; indirect materials are insignificant and not considered for budgeting purposes. g. Each computer requires 0.30 hours of direct labor; direct labor costs average $20 per hour. h. Variable manufacturing overhead is $3 per computer. a.b Producti a.c Direct Ma h. Variable manufacturing overhead is $3 per computer. 1. Fixed manufacturing overhead includes $6,000 per quarter in depreciation and $10,860 per quarter for other costs, such as utilities, insurance, and property taxes. J. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $4,800 per quarter for rent; $1,950 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. 1. Capital expenditures include $25,000 for new manufacturing equipment to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2020, Accounts Receivable is received in the first quarter of 2021; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 50% in the quarter purchased and 50% in the following quarter; December 31, 2020, Accounts Payable is paid in the first quarter of 2021. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. q. Nerdzy desires to maintain a minimum cash balance of $20,000 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 12% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Nerdzu Computer Company Sales Budget For the Year Ended December 31:202 Budgeted laptops to be sold Sales Price per laptop Total Sales a.b Production Budget Nerdzy Computer Company Production Budget For theYear Ended December 31, 2021 a.c Direot Materials Budget Nerdzy Computer Company Direct Materials Budget For the Year Ended December 31, 2021 a.d Direot Labor Budget Nerdzy Computer Company Direct Labor Budget For the Year Ended December 31,2021 a.e Marufacturing Dyerhead Budget Nerdzy Compuier Company Marufcturing Overhe ad Budget For the Year Ended December 31,2021 Calculations for COGS Budget DM cost per laptop DL Costper laptop MOH cost per laptop Total projected manufacturing cost per laptop Nerdzy Computer Company Cost of Goods Sold Budget For the Year Ended December 31, 2021 Beg. Inventory, Tires produced \& sold Total Budgeted cost of goods sold a.g Selling \& Admin Budget Nerdzy Computer Company Selling \& Administrative Expense Budget For the Year Ended December 31, 2021 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Supplies Expense Total Budgeted S\&A Expense a.h Schedule of Cash Receipts Sohedule of Cash Reciepts from Customers TotalSales Q1Q2Q3Q4Total Cash Receipts from Customers: AIRBalance, December 312020 Q1CashSales D1Credit Sales, Colleoted in Q1 Q1Credit Sales, Colleoredin Q2 Q2 Cash Sales Q2 Ciedit Sales. Collected in Q2 Q2 Credit Sales, Colleoted in Q3 Q3 Cash Sales Q3 Credit Sales, Colleoled in Q3 Q3 Credi Sales, Collected in Q4 Q4 Cash Sales Q4 Ciedir Sales, Colleoted in Q4 Total Cashreceipis from customers a. Schedule of Cash Payments H a i Echedule of Cash Paumerits L M N Schedule of Cash Fauments Total RMFunchases Cash Payments Direct Materials Accounts Pavable Balance, 12/31/2020 Q1purchases, paid in Q1 Q1purchases, paid in Q2 Q2 purchases, paid in Q2 Q2purchases. paid in 03 Q3 Purchases paid in Q3 Q3Purchasespaid in 04 Q4 Purchases, paid in Q4 Total Payments for DM Direct Labor: TotalPayments for DL Manufacturing Overhead: Variable MOH Urilities, Ins, Prop Takes Total payments for MOH S8A Expenses: Salaries Expense RentExpense Insurance Expense Supplies Expense TotalPayments for 58 A expenses Income Takes: Total payments for income taxes Capital Expenditures Total Pasmients tor Cop. Expenditures Total Cash paumients (before interest) D1 Q2 D3 04 Total Q1 Q2 Q3 Q4 Tot:=1 20 a.iCash Eudget Eeg. Cash Ealarice Coshrepeipt: cashinatisble Cash pasuments Purchases of OM MOH S.A EXP Incometanes Captislenpendicyles Interest Expense Tatalostipaumeris Ending cash batance before financing miriurium castikalance desked Propecied costichiesa (deliciency) Finuricing Borrowing Priniepaliepameris Totilefiecie of linanging Ending CakhiBalance Nerdzy Computer Compariy Dash Budget Forthe Mear Ended Llecember 31.2021 1 Q2 Q4 Total As an accounting intern with Nerdzy Computer Co., you have been asked to help out with the budgeting process for this year. As you already know, Nerdzy is currently selling two products, basic and premium laptops, however, they want you to prepare the budgets assuming that only the premium laptop will be produced so that they can compare how the budget would be impacted if they were to eliminate the basic laptop line. Nerdzy Computer Co. is selling all of the computers to retailers, and all sales are on account. Using the balance sheet and additional information below you will need to: a.Prepare Nerdzy's operating budget and cash budget for the year by quarter. Required schedules and budgets include: a.Sales budget b. Production budget c. Direct materials budget d. Direct labor budget e.Manufacturing overhead budget f. Cost of goods sold budget g. Selling and administrative expense budget h.Schedule of cash receipts i.Schedule of cash payments j. Cash budget Additional Information a. Budgeted sales are 1,000 laptops for the first quarter and are expected to increase by 200 laptops per quarter. Cash sales are expected to make up 10% of total sales, the remainder will be on account. The expected sales price per computer is $70. b. Finished goods inventory on December 31,2020 , consists of 300 computers at $36 each. c. Desired ending finished goods inventory is 40% of the next quarter's sales; first-quarter sales for 2020 are expected to be 1,800 computers; FIFO Inventory costing is used. d. Raw Materials Inventory on December 31, 2020, consists of 750 pieces of the required component used to manufacture the laptops. e. Direct materials requirements are 2.5 pieces of material per computer. The cost of each piece is $4. f. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31,2021 , is 750 computer pleces; indirect materials are insignificant and not considered for budgeting purposes. g. Each computer requires 0.30 hours of direct labor; direct labor costs average $20 per hour. h. Variable manufacturing overhead is $3 per computer. a.b Producti a.c Direct Ma h. Variable manufacturing overhead is $3 per computer. 1. Fixed manufacturing overhead includes $6,000 per quarter in depreciation and $10,860 per quarter for other costs, such as utilities, insurance, and property taxes. J. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $4,800 per quarter for rent; $1,950 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. 1. Capital expenditures include $25,000 for new manufacturing equipment to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2020, Accounts Receivable is received in the first quarter of 2021; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 50% in the quarter purchased and 50% in the following quarter; December 31, 2020, Accounts Payable is paid in the first quarter of 2021. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. q. Nerdzy desires to maintain a minimum cash balance of $20,000 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 12% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Nerdzu Computer Company Sales Budget For the Year Ended December 31:202 Budgeted laptops to be sold Sales Price per laptop Total Sales a.b Production Budget Nerdzy Computer Company Production Budget For theYear Ended December 31, 2021 a.c Direot Materials Budget Nerdzy Computer Company Direct Materials Budget For the Year Ended December 31, 2021 a.d Direot Labor Budget Nerdzy Computer Company Direct Labor Budget For the Year Ended December 31,2021 a.e Marufacturing Dyerhead Budget Nerdzy Compuier Company Marufcturing Overhe ad Budget For the Year Ended December 31,2021 Calculations for COGS Budget DM cost per laptop DL Costper laptop MOH cost per laptop Total projected manufacturing cost per laptop Nerdzy Computer Company Cost of Goods Sold Budget For the Year Ended December 31, 2021 Beg. Inventory, Tires produced \& sold Total Budgeted cost of goods sold a.g Selling \& Admin Budget Nerdzy Computer Company Selling \& Administrative Expense Budget For the Year Ended December 31, 2021 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Supplies Expense Total Budgeted S\&A Expense a.h Schedule of Cash Receipts Sohedule of Cash Reciepts from Customers TotalSales Q1Q2Q3Q4Total Cash Receipts from Customers: AIRBalance, December 312020 Q1CashSales D1Credit Sales, Colleoted in Q1 Q1Credit Sales, Colleoredin Q2 Q2 Cash Sales Q2 Ciedit Sales. Collected in Q2 Q2 Credit Sales, Colleoted in Q3 Q3 Cash Sales Q3 Credit Sales, Colleoled in Q3 Q3 Credi Sales, Collected in Q4 Q4 Cash Sales Q4 Ciedir Sales, Colleoted in Q4 Total Cashreceipis from customers a. Schedule of Cash Payments H a i Echedule of Cash Paumerits L M N Schedule of Cash Fauments Total RMFunchases Cash Payments Direct Materials Accounts Pavable Balance, 12/31/2020 Q1purchases, paid in Q1 Q1purchases, paid in Q2 Q2 purchases, paid in Q2 Q2purchases. paid in 03 Q3 Purchases paid in Q3 Q3Purchasespaid in 04 Q4 Purchases, paid in Q4 Total Payments for DM Direct Labor: TotalPayments for DL Manufacturing Overhead: Variable MOH Urilities, Ins, Prop Takes Total payments for MOH S8A Expenses: Salaries Expense RentExpense Insurance Expense Supplies Expense TotalPayments for 58 A expenses Income Takes: Total payments for income taxes Capital Expenditures Total Pasmients tor Cop. Expenditures Total Cash paumients (before interest) D1 Q2 D3 04 Total Q1 Q2 Q3 Q4 Tot:=1 20 a.iCash Eudget Eeg. Cash Ealarice Coshrepeipt: cashinatisble Cash pasuments Purchases of OM MOH S.A EXP Incometanes Captislenpendicyles Interest Expense Tatalostipaumeris Ending cash batance before financing miriurium castikalance desked Propecied costichiesa (deliciency) Finuricing Borrowing Priniepaliepameris Totilefiecie of linanging Ending CakhiBalance Nerdzy Computer Compariy Dash Budget Forthe Mear Ended Llecember 31.2021 1 Q2 Q4 Total