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Group 1-Rob's Shoes Rob's shoes is a small social entrepreneurship company famous for its shoes, also known as "Robs," and its mission to give back. For every pair of Robs purchased, Rob's shoes sends a pair of Robs to a child in need. Each pair of Robs seis for $50. Rob's Shoes' balance sheet for December 31,2022 follows: Other data for Rob's Shoes: - Each pair of Robs is $50 - Projects to sell 500 pairs of shoes in the first quarter of 2023 , with sales increasing by 100 pairs of Robs each quarter - Finished Goods inventory on December 31, 2022, consists of 275 pairs of shoes at $20 each - Desired Ending Finished Goods Inventory is equal to 10% of the next quarter's sales, FIFO inventory method is used - The company expects to sell 900 pairs of Robs in the first quarter of 2024 - Direct Materlals cost is $10 per pair of Robs - Rob's Shoes desires for each quarter's ending balance in Direct Materials to be 30% of the next quarter's production needs. The desired ending direct materials balance for the 4th quarter is \$2730. (Indirect materials are insignificant and not considered for budgeting purposes). - Each pair of Robs requires 2 hours of direct labor; direct labor costs average $10 per hour - Variable Manufacturing overhead rate is $3 per pair of Robs - Fixed manufacturing overhead consists of $1200 per quarter for depreciation and $500 per quarter for utilities, insurance, property taxes - Rob's shoes uses direct labor hours (DLHr) as the allocation base to allocate overhead costs - Selling and administrative expenses include: Salaries Expense, foxed $1,500 per quarter Rent Expense, fixed \$1,200 per quarter Insurance Expense, fixed $100 per quarter Depreciation Expense, fixed $70 per quarter Supplies Expense, variable 1% of Sales Revenue per quarter Requirements 1. Using the provided Excel template prepare the following: a. Rob's Shoes 2023 operating budget - Sales budget. - Production Budget - Direct materials budget, direct labor budget, and manufacturing overhead budget - Total projected Manufacturing cost - Cost of goods sold budget - Selling and administrative expense budget b. Rob's Shoes 2023 Budgeted Income Statement Name: Rob's Shoes Sales Budget For the Year Ended December 31, 2023 Budgeted (units) to be sold Sales price per (unit) Total sales \begin{tabular}{|l|l|c|c|c|} \hline FirstQuarter & SecondQuarter & ThirdQuarter & FourthQuarter & \multicolumn{1}{|c|}{ Total } \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} 5