I'm desperate for assistance I have a test coming up and this is a practice test I was given. I have finished all except for H and J.

Ian Jennings, president of Portraits Ualimited Company, was just concluding a budget mecting with his senior staff. It was November of 2022 , and the group was discussing preparation of the firm's master budget for 2023 . "I've decided to go ahead and purchase the industrial robot we've been talking about. We'll make the acquisition on January 3 of next year, and I expect it will take most of the year to train the personnel and reorganize the production process to take full advantage of the new equipment." In response to a question about financing the acquisition, Jennings replied as follows: "The robot will cost $250,000. There will also be an additional $50,000 in ancillary equipment to be purchased. We'll finance these purchases with a one-year $300,000 losan from Shark Bank and Trust Company on January 2. I've negotiated a repayment schedule of four equal installments on the last day of each quarter. The interest rate will be 10 pereent per annum on the reducing balanee basis, and interest payments will be quarterly as well. " With that the meeting broke up, and the budget process was on. Portraits Unlimited Company is a manufacturer of metal picture Portraits. The firm's two product lines are designated as S (small Portraits; 57 inches) and 1 . (large Portraits; 810 inches). The primary raw materials are flexible metal strips and 9 -inch by 24 -inch glass sheets. Each S Portmait requires a 2-foot metal strip; and an L. Portrait requires a 3-foot strip. Allowing for nomal breakage and scrap glass, the company can get cither four S Portraits of two L Portraits out of a glass sheet. Other raw materials, such as cardboard backing, are insignificant in cost and are treated as indirect materials. Jane Williams, Portraits Unlimited's controller is in charge of preparing the master budget for 2023. She has gathered the following information: 1. Sales in the fourth quarter of 2022 are expected to be 50,000S Portrats and 40,000L. Portraits. The sales manager predicts that over the next two years, sales in each product line will grow by 5,000 units cach quarter over the previous quarter. For example, 9 Portraits sales in first quarter of 2023 are expected to be 55,000 units. 2. Portraits Unlimited Company sales history indicates that 60 pereent of all sales are on credit, with the remainder of the sales in cash. The company's collection experience shows that 80 pereent of the credit sales are collected during the quarter in which the sale is made, while the remaining 20 pereent is collected in the following quarter. 3. The S Portrait sells for $10, and the L. Portrait sells for $15. These prices are expected to hold constant throughout 2023 . 4. The production manager attempts to end each quarter wiah enough finished goods inventory in each product line to cover 20 pereent of the following quarter's sales. Moreover, an attempt is made to end each quarter with 20 percent of the glass sheets needed for the following quarter's production. Assame an ending inventory of glass sheets of 10,400 for the fourth quarter of 2023 . Metal strips are purchased locally, the company buys them on a just-in-time basis; inventory is negligible. The opening inventory for quarter 4,2022 for both finished goods and raw materials can be found by determining the desired ending inventory for quarter 3,2022 based on the inventory principle provided. 5. All direct-material purchases are made on account, and 80 percent of each quarter's purchases are paid in cash during the same quarter as the purchase. The other 20 percent is paid in the next quarter. 6. Indirect materials are purchased with cash as needed. Work-in-process is negligible. 7. The folkowing manufacturing overhead costs are badgcted for 2023 : 8. Projected manufacturing costs is 2023 are as followz: 9. The following relates to past selling and admenistrative expenses. (Use regression analysis to derive a cost function and use this cost fanction fo estimate the selliag and adrainiusative cost). 10. Jackson anticipates that dividend of $50,000 will be declared and pasd in cash exch quarter. 11. Poetrasts Unlentied Company projected balanee shoet as of Doseniber 31, 2022, fotlinax: Ian Jennings, president of Portraits Ualimited Company, was just concluding a budget mecting with his senior staff. It was November of 2022 , and the group was discussing preparation of the firm's master budget for 2023 . "I've decided to go ahead and purchase the industrial robot we've been talking about. We'll make the acquisition on January 3 of next year, and I expect it will take most of the year to train the personnel and reorganize the production process to take full advantage of the new equipment." In response to a question about financing the acquisition, Jennings replied as follows: "The robot will cost $250,000. There will also be an additional $50,000 in ancillary equipment to be purchased. We'll finance these purchases with a one-year $300,000 losan from Shark Bank and Trust Company on January 2. I've negotiated a repayment schedule of four equal installments on the last day of each quarter. The interest rate will be 10 pereent per annum on the reducing balanee basis, and interest payments will be quarterly as well. " With that the meeting broke up, and the budget process was on. Portraits Unlimited Company is a manufacturer of metal picture Portraits. The firm's two product lines are designated as S (small Portraits; 57 inches) and 1 . (large Portraits; 810 inches). The primary raw materials are flexible metal strips and 9 -inch by 24 -inch glass sheets. Each S Portmait requires a 2-foot metal strip; and an L. Portrait requires a 3-foot strip. Allowing for nomal breakage and scrap glass, the company can get cither four S Portraits of two L Portraits out of a glass sheet. Other raw materials, such as cardboard backing, are insignificant in cost and are treated as indirect materials. Jane Williams, Portraits Unlimited's controller is in charge of preparing the master budget for 2023. She has gathered the following information: 1. Sales in the fourth quarter of 2022 are expected to be 50,000S Portrats and 40,000L. Portraits. The sales manager predicts that over the next two years, sales in each product line will grow by 5,000 units cach quarter over the previous quarter. For example, 9 Portraits sales in first quarter of 2023 are expected to be 55,000 units. 2. Portraits Unlimited Company sales history indicates that 60 pereent of all sales are on credit, with the remainder of the sales in cash. The company's collection experience shows that 80 pereent of the credit sales are collected during the quarter in which the sale is made, while the remaining 20 pereent is collected in the following quarter. 3. The S Portrait sells for $10, and the L. Portrait sells for $15. These prices are expected to hold constant throughout 2023 . 4. The production manager attempts to end each quarter wiah enough finished goods inventory in each product line to cover 20 pereent of the following quarter's sales. Moreover, an attempt is made to end each quarter with 20 percent of the glass sheets needed for the following quarter's production. Assame an ending inventory of glass sheets of 10,400 for the fourth quarter of 2023 . Metal strips are purchased locally, the company buys them on a just-in-time basis; inventory is negligible. The opening inventory for quarter 4,2022 for both finished goods and raw materials can be found by determining the desired ending inventory for quarter 3,2022 based on the inventory principle provided. 5. All direct-material purchases are made on account, and 80 percent of each quarter's purchases are paid in cash during the same quarter as the purchase. The other 20 percent is paid in the next quarter. 6. Indirect materials are purchased with cash as needed. Work-in-process is negligible. 7. The folkowing manufacturing overhead costs are badgcted for 2023 : 8. Projected manufacturing costs is 2023 are as followz: 9. The following relates to past selling and admenistrative expenses. (Use regression analysis to derive a cost function and use this cost fanction fo estimate the selliag and adrainiusative cost). 10. Jackson anticipates that dividend of $50,000 will be declared and pasd in cash exch quarter. 11. Poetrasts Unlentied Company projected balanee shoet as of Doseniber 31, 2022, fotlinax