information for budget sheet below.

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OPTIMA, INC. General information: SellingpriceofbamboorockinghorsesLinearfeetofbamboorequiredperrockinghorseCostofbambooperfootHoursrequiredtobuildAveragehourlydirectlaborrate$33.503$2.000.50$15.00 Additional information: Endingfinishedgoodsinventory(percentageofthenextquarterssales)Endingrawmaterialsinventory(percentageofthenextquartersproduction)40%30%Quarters/Year Variable manufacturing overhead rate per direct labor hour Estimated quarterly fixed manufacturing overhead $8.00 $275,000.00 Estimated quarterly selling and administrative expenses: Variable $6.00 Expected number of frames sold in following quarters: 4thQuarter20191stQuarter20202ndQuarter20203rdQuarter20204thQuarter20201stQuarter20212ndQuarter202155,00065,00070,00075,00090,00090,00075,000 Additional information: Cash on hand at January 1st, 2020 Percentage of sales in cash Percentage of credit sales collected during quarter of sale Percentage of credit sales collected in quarter following sale Percentage of direct material purchases paid in quarter purchased Percentage of direct material purchases paid in following quarter $250,000 80% 50% 50% 80% 20% Depreciation included in quarterly fixed manufacturing overhead $75,000 Depreciation included in quarterly fixed selling and administartive expenses $50,000 Amount expected to be paid for a piece of equipment (purchased in 4 th Quarter Percentage of direct material purchases paid in following quarter 20% Depreciation included in quarterly fixed manufacturing overhead Depreciation included in quarterly fixed selling and administartive expenses $50,000 Amount expected to be paid for a piece of equipment (purchased in 4 th Quarter of 2020) Minimum cash balance required Borrowing increments Quarterly dividend payments $750,000 $40,000 $1 $250,000 Regarding Inventory: Work-in-process has a zero beginning and ending balance. Direct Materials Inventory dollar amounts need to be rolled forward to get the ending balance: (Beginning + Purchased - Used = Ending) Finished Goods Inventory dollar amounts need to be rolled forward to get the ending balance: (Beginning + Produced Sold = Ending) Optima Company Balance Sheet 12/31/2019 Assets \begin{tabular}{lr} \hline Cash & $250,000.00 \\ Finished goods invenotry & 650,000.00 \\ Direct materials inventory & 60,300.00 \\ Accounts receivable & 225,000.00 \\ Plant, Property, and equipment, net & 3,500,000.00 \\ \hline Total assets & 4,685,300.00 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Accounts Payable Capital Stock Retained earnings Total liabilities and stockholders equity 4,685,300.001,595,300.000.00 4 Points 5 Points 4 Points Optima Company Income Statement for the year ending December 31, 2020 Sales 2 Points Less: COGS Gross margin Less: S\&A Expenses Income before taxes Optima Company Retained Earnings Statement for the year ending December 31, 2020 Beginning Retained Earnings 2 Points Add: Net Income(Loss) Deduct Dividends Ending Retained Eamings Optima Company Balance Sheet Decmeber 31, 2020 Assets Llabilities and Stockholders Equity 4 Points Cash Accounts Payable Accounts Receivable Line of Credit Payable Finished Goods Inventary Direct Materials inventory Capital Stock Total Plant, Property, and Equipment Retained Earnings 40 Points Total Assets Total Liabilities \& Stockholders' E 0