leimilar tal Data Table Grady Tire Company Current Assets Cash Accounts Receivable Raw Materials Inventory Balance Sheet December 31, 2018 Assets Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment $ 74,000 50,000 2.000 6,000 $ 132.000 Less: Accumulated Depreciation 150.000 (77,000) $ 73,000 205,000 Total Assets Liabilities Current Liabilities 14.000 Accounts Payable Stockholders' Equity Donn More Info * AR 421, 23.1 or (Unless otherwise noted, assume I of the following events occumed during 2018 and that any balance given are stated as of December 31, 2018 Budgeted sales are 1,700 rest the first quarter and expected to increase a. sales are expected to be 30% of total sales, with the remaining 70% of s ses per quarter Cash b. Finished Goods Inventory on December 31, 2018 consists of 200 s at $30 each Desired ending Finished Goods Inventory is 30% of t next quarters expected be 2.500 tires. FIFO inventory costing method is used Raw Materials Inventory on December 31, 2018, consists of 400 pounds of rubber compounded to d. manufacture the tires Direct materials requirements are 2 pounds of a rubber compound per te. The cost of the compound $5.00 per pound Desired ending Raw Materials Inventory is 50% of the next quarters dret matered t production desired ending inventory for December 31, 2019 is 400 pounds indirect materials a t insignificant and not considered for budgeting purposes 9 Each tre requires 0.20 hours of direct labor, direct labor costs average $20 per hour h. Variable manufacturing overhead is $1 per Fixed manufacturing overhead includes $3,000 per quarter in depreciation and 55,550 per quarter for other L costs, such as uites, insurance, and property taxes Fixed selling and administrative expenses include $9.500 per quarter for salare $2,400 per quarter for rent $1,950 per quarter for insurance and $500 per quarter for depreciation k Variable selling and administrative expenses include supples at 2% of Capital expenditures include $45.000 for new manufacturing eqment to be purchased and pad in the Lfirst quarter. Cash receipts for sales on account are 60% in the quarter of the sale and 40% in the quarter bowing the sale: December 31, 2018, Accounts Receivable is received in the first quarter of 2018 uncleable Clear Al Print Done Check Anewer