I need help with this #10, I have seen several different answers for the finished goods inventory and none of them are right. Whoever answers this I just ask that you please stay in touch until we figure this question out. I have commented on several and no one will answer back. A answer I and others have come up with is 42,363 and several others. Please help.

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 2019 and reports a balance sheet at December 31, 2018 as follows: $ 46,200 260,000 11,250 32,250 $ 349,700 Endless Mountain Company Balance Sheet December 31, 2018 Assets Current assets: Cash Accounts receivable (net) Raw materials inventory (4,500 yards) Finished goods inventory (1,500 units) Total current assets Plant and equipment: Buildings and equipment Accumulated depreciation Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 900,000 (292,000) 608,000 $ 957,700 $ 158,000 $ 419,800 379,900 799,700 $ 957,700 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 2019 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 2020 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, 2019 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 quarter's purchases are paid in the following quarter. 6. Direct laborers are paid $18 an hour and each unit of finished goods requires 0.25 direct labor-hours to complete. All direct labor costs are paid in the quarter incurred. 7. The budgeted variable manufacturing overhead per direct labor-hour is $3.00. The quarterly fixed manufacturing 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 first-out to customers. Required: The company's CFO has asked you to prepare the 2019 master budget. To fulfill this request, prepare the following budget sched and financial statements. 1. Quarterly sales budget including a schedule of expected cash collections. 2. Quarterly production budget. 3. Quarterly direct materials budget including a schedule of expected cash disbursements for purchases of materials. 4. Quarterly direct labor budget. 5. Quarterly manufacturing overhead budget. 6. Ending finished goods inventory budget at December 31, 2019. 7. Quarterly selling and administrative expense budget. 8. Quarterly cash budget. 9. Income statement for the year ended December 31, 2019. 10. Balance sheet at December 31, 2019. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the balance sheet at December 31, 2019. (Amounts to be deducted should be indicated by a minus sign.) Endless Mountain Company Prepare the balance sheet at December 31, 2019. (Amounts to be deducted should be indicated by a minus sign.) Endless Mountain Company Budgeted Balance Sheet December 31, 2019 Assets Current assets: Cash $ Accounts receivable 319,243 200,000 12,750 Raw materials inventory Finished goods inventory $ 531,993 Total current assets Plant and equipment: Buildings and equipment Accumulated depreciation 900,000 (404,000) 496,000 1,027,993 $ Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Stockholders' equity: Common stock, no par 419,800 Retained earnings 580,284 $ 70,272 Total stockholders' equity Total liabilities and stockholders' equity 1,000,084 1,070,356 $