If you can answer 1-4 per chegg guidelines would be much appreciated

(Beginning Balance sheet)

(Assumptions to be linked/used for calculations)

*please try to follow the follwoing templates

(Sales budget and expected cash)

(production budget)

(direct material budget)

(Direct labor budget)

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Traverse Recreation Company manufactures a single product that is popular with outdoor enthusiasts The company sells its product to retailers throughout the midwestern section of the United States. It is in the process of creating a master budget for 2020 and reports a balance sheet at December 31, 2019 as follows 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 2020 budget 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 sale! for the first quarter of 2021 is 13,000 units. 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 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, 2020 is 5,000 yards. 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. 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 The budgeted variable selling and administrative expense is $125 per unit sold. The fixed selling and administrative expenses per quarter include advertising ($25,000), executive salaries (564,000), insurance ($12,000), property tax (58,000), and depreciation expense (58,000), Al selling and administrative expenses (excluding depreciation) are paid in the quarter incurred. 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. The schedules must be created in Excel. A template is provided in Moodle. Each schedule will be on a different tab as indicated by name. DO NOT move the tabs, reorganize the tabs, or rename the tabs. Submit the file upon completion using the Moodle link. Refer to Ch. 8 in the textbook for formatting the schedules for each requirement. 1. Quarterly sales budget including a schedule of expected cash collections Quarterly production budget. Quarterly direct materials budget including a schedule of expected cash disbursements for purchases of materials Quarterly direct labor budget. Quarterly manufacturing overhead budget. Ending finished goods inventory budget at December 31, 2020. (LIFO inventory assumption) Quarterly selling and administrative expense budget. Quarterly cash budget. Determine any borrowing that would be needed to maintain the minimum cash balance as indicated in your data set. (This will require the use of an ir statement in Excel.) 9. Income statement for the year ended December 31, 2020. 10. Balance sheet at December 31, 2020. The Traverse Recreation Company's balance sheet as of December 31, 2019 is given below: Assets Current Assets: Cash Accounts Receivable (net) Raw Materials Inventory (4,500 yards) Finished Goods Inventory (1,500 units) Total current assets 46,200 260,000 11,250 32,250 $ 349,700 Property and Equipment: Buildings and Equipment Accumulated Depreciation Plant and Equipment (net) Total Assets 900,000 (292,000) 608,000 $ 957,700 $ 158,000 Liabilities and Stockholder's Equity - Current Liabilities: B Accounts Payable Stockholder's Equity: Common Stock 1 Retained Earnings Total Stockholder's Equity 3 Total Liabilities and Stockholder's Equity 419,800 379,900 799,700 957,700 $ Quarters 37.000 15,000 15,000 25,000 12,000 $32.00 75% 25% 15% 5 Sales budget 6 Budegeted Sales in units 7. Seling Price per unit 8 Percentage of sales collected in the quarter of sale 9 Percentage of sales collected in the quarter after sale 10 11 Production Budget 12 Percentage of next quarters sales in ending finished good ive 13 14 Diect Materials Budget 15 Yards of Raw Material per unit 16 Cost per Yard 17 18 Percentage of purhcases paid in the quarter purchased 19 Percentage of purheases paid in the quarter after purchased 20 21. Direct Labor Budget 22 Direct labor hours required per unit 23 Direct labor cost per hour 3.5 yards 70% 30% 0.25 $18.00 24 25 Manufacturing Over Head Budget 26 Varble Manufacturing Overhead per direct labor hour 27 Fixed Manufacturing Overhead per quarter 28 Deprecation per quarter $3.00 150,000 $20,000 $1.25 30 Selling and Admin Expense budget 31 Varble Selling and Admin expense per unit 32 Fixed Selling and Admin expense per quarter 33 Advertising 34 Executive Salaries 35 Insurance 36 Property Tax 37. Deprecation 38 39 Cash Budget 40 Minoash balance 41 Equipment purchases 42 Dividens 43 Simple interest rate per $25,000 $64,000 $12.000 $8.000 $8.000 $30,000 15,000 GYA 0 000 45 Sales Budget For Year Ended December 31, 2017 Quarter Year Budgeted Unit Sales Selling price per unit Total sales Schedule of Expected Cash Collections First quarter sales Second quarter sales Third quarter sales Fourth quarter sales Total Cash collections Production Budget For the year Ended December 31,2017 Quarter 4 Year Budgeted unit sales Add desired units of ending finished goods inventory Total Needs Less units of beginning goods inventory Required Production in units mimi Direct Materials Budget For the Year Ended December 31, 2020 Quarter 4 Year Required Production Units of Raw Materials needed per Units of Raw Materials needed to meet production Add desired units of ending raw materials inventory Total units of raw materials Needed Less units of beiginning raw materials inventory Units of raw materials to be purchased Cost of raw materials per Cost of raw materials to be purchased Schedule of Expected Cash Disbursements for Purchases of Materials Beginning accounts payable First quarter purchases Second-Quarter purchases Third quarter purchases Fourth quarter purchases Total cash disbursements for materials Direct Labor Budget For the Year Ended December 31, 2017 Required Prodcution Labor Hours Total direct labor hours needed diect labor cost per hour Total direct labor cost