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please do all requirements

Cick pie icon to vew the balance steet) Other budgen data for Trevor Toy Compary: (Cick the icon to visw the other data) Read the requinernents Requirement 1. Prepare Trevors operalirg budget and cash budget for 2025 by quarter. Requied schedules and budgets include: sales budget, producton budget, drect matenals busget, drect labor budget, manulacturing istor hours. (Found all caliculations to the rearest dotar) December 31, 2024 Assets Current Assets: \begin{tabular}{lrr} Cash & $ & 25,000 \\ \hline Accounts Receivable & 25,000 \\ Raw Materials Inventory & 400 \\ \hline Finished Goods Inventory & 3,500 \\ \hline Total Current Assets & $53,900 \end{tabular} Property, Plant, and Equipment: \begin{tabular}{ccc} Equipment & 206,000 & \\ \multicolumn{1}{c}{ Less: Accumulated Depreciation } & (42,000) & 164,000 \\ \cline { 2 - 3 } Total Assets & $217,900 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable $17,000 Stockholders' Equity Common Stock, no par Retained Earnings $100,000100,900 Total Stockholders' Equity Total Liabilities and Stockholders' Equity \begin{tabular}{rr} 200,900 \\ \hline$217,900 \\ \hline \hline \end{tabular} (Uniess otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024 .) a. Budgeted sales are 1,500 sets for the first quarter and expected to increase by 50 sets per quarter. Cash sales are expected to be 30% of total sales, with the remaining 70% of sales on account. Sets are budgeted to sell for $90 per set. b. Finished Goods Inventory on December 31,2024 , consists of 100 sets at $35 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected to be 1,700 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31,2024 , consists of 400 pounds. Direct materials requirement is four pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31,2025 , is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.20 hours of direct labor; direct labor costs average 8 per hour. g. Variable manufacturing overhead is $1.60 per set. h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $868 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $4,200 per quarter for rent; $1,200 per quarter for insurance; and $2,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $10,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. I. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale; Accounts Receivable balance on December 31, 2024, is expected to be received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. m. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter; Accounts Payable balance on December 31, 2024, is expected to be paid in the first quarter of 2025. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter 2026 are expected to be 1,700 sets. FIFO inventory costing method is used. 'd. Raw Materials Inventory on December 31,2024 , consists of 400 pounds. Direct materials requirement is four pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025, is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.20 hours of direct labor; direct labor costs average 8 per hour. g. Variable manufacturing overhead is $1.60 per set. h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $868 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $12,000 per quarter for salaries: $4,200 per quarter for rent; $1,200 per quarter for insurance; and $2,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $10,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. I. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale; Accounts Receivable balance on December 31, 2024, is expected to be received in the first quarter of 2025; uncollectible accheunts are considered insignificant and not considered for budgeting purposes. m. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter; Accounts Payable balance on December 31, 2024, is expected to be paid in the first quarter of 2025. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. o. Income tax expense is projected at $2,000 per quarter and is paid in the quarter incurred. p. Trevor desires to maintain a minimum cash balance of $25,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 12% per year and paid at the beginning of the quarter based on the amount outstanding from the previous 1. Prepare Trevor's operating budget and cash budget for 2025 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. (Round all calculations to the nearest dollar.) 2. Prepare Trevor's annual financial budget for 2025, including budgeted income statement and budgeted balance sheet. 3. Trevor sold 6,600 sets in 2025 , and its actual operating income was as follows: Requirements Prepare a flexible budget performance report through operating income for 2025. Show product costs separately from selling and administrative costs. To simplify the calculations due to sets in beginning inventory having a different cost than these produced and sold in 2025, assume the following product costs: 4. What was the effect on Trevor's operating income of selling 300 sets more than the static budget level of sales? 5. What is Trevor's static budget variance for operating income? 6. Explain why the flexible budget performance report provides more useful information to Trevor's managers than the static budget performance report. What insights can Trevor's managers draw from this performance report? 7. During 2025, Trevor recorded the following cost data below. Compute the cost and efficiency variances for direct materials and direct labor. 5. What is Trevor's static budget variance for operating income? 6. Explain why the flexible budget performance report provides more useful information to Trevor's managers than the static budget performance report. What insights can Trevor's managers draw from this performance report? 7. During 2025. Trevor recorded the following cost data below. Compute the cost and efficiency variances for direct materials and direct labor. Standard Cost information \begin{tabular}{lcr} & \multicolumn{1}{c}{ Quantity } & \multicolumn{1}{c}{ Cost } \\ \hline Direct materials & 4 pounds per set & $1 per pound \\ Direct labor & 0.20 hours per set & $8 per hour \\ Variable manufacturing overhead & 0.20 hours per set & $8 per hour \\ Fixed manufacturing overhead Static budget amount: $21,472 & 0.20 hours per set & $16.00 per hour \\ \hline Antual Cnet information & \end{tabular} 8. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 9. Prepare the standard cost income statement for 2025. 10. Calculate Trevor's ROI for 2025 . To calculate average total assets, use the December 31,2024 , balance sheet for the beginning balance and the budgeted balance sheet for December 31, 2025, for the ending balance. Round all of your answers to four decimal places. 11. Calculate Trevor's profit margin ratio for 2025. Interpret your results. Requirements for direct materials and direct labor. Standard Cost Information \begin{tabular}{lcr} & \multicolumn{1}{c}{ Quantity } & \multicolumn{1}{c}{ Cost } \\ \hline Direct materials & 4 pounds per set & $1 per pound \\ Direct labor & 0.20 hours per set & $8 per hour \\ Variable manufacturing overhead & 0.20 hours per set & $8 per hour \\ Fixed manufacturing overhead Static budget amount: $21,472 & $20 hours per set & $16.00 per hour \\ \hline Actual Cost Information & & \\ \hline \end{tabular} 8. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. 9. Prepare the standard cost income statement for 2025. 10. Calculate Trevor's ROI for 2025. To calculate average total assets, use the December 31,2024 , balance sheet for the beginning balance and the budgeted balance sheet for December 31, 2025, for the ending balance. Round all of your answers to four decimal places. 11. Calculate Trevor's profit margin ratio for 2025. Interpret your results. 12. Calculate Trevor's asset turnover ratio for 2025. Interpret your results. 13. Use the expanded ROI formula to confirm your results from Requirement 10. Interpret your results. 14. Trevor's management has specified a 20% target rate of return. Calculate Trevor's RI for 2025. Interpret your results. (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024 .) a. Budgeted sales are 1,500 sets for the first quarter and expected to increase by 50 sets per quarter. Cash sales are expected to be 30% of total sales, with the remaining 70% of sales on account. Sets are budgeted to sell for $90 per set. b. Finished Goods Inventory on December 31,2024 , consists of 100 sets at $35 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected to be 1,700 set. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31,2024 , consists of 400 pounds. Direct materials requirement is four pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31,2025 , is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.20 hours of direct labor; direct labor costs average 8 per hour. g. Variable manufacturing overhead is $1.60 per set. h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $868 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $4,200 per quarter for rent; $1,200 per quarter for insurance; and $2,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $10,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. I. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale; Accounts Receivable balance on December 31,2024 , is expected to be received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. m. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter; Accounts Payable balance on December 31, 2024, is expected to be paid in the first quarter of 2025. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter 2026 are expected to be 1,700 sets. FIFO inventory costing method is used. 'd. Raw Materials Inventory on December 31,2024 , consists of 400 pounds. Direct materials requirement is four pounds per set. The cost is $1 per pound. e. Desired ending Raw Matrials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025, is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.20 hours of direct labor; direct labor costs average 8 per hour. g. Variable manufacturing overhead i $1.60 per set. h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $868 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $4,200 per quarter for rent; $1,200 per quarter for insurance; and $2,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $10,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. I. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale; Accounts Receivable balance on December 31, 2024, is expected to be received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. m. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter; Accounts Payable balance on December 31, 2024, is expected to be paid in the first quarter of 2025. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. o. Income tax expense is projected at $2,000 per quarter and is paid in the quarter incurred. p. Trevor desires to maintain a minimum cash balance of $25,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 12% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Trevor Toy Company EJalance Sheet December 31, 2024 Assets Current Assets: \begin{tabular}{lrr} Cash & $ & 25,000 \\ \hline Accounts Receivable & 25,000 \\ \hline Raw Materials Inventory & 400 \\ \hline Finished Goods Inventory & 3,500 \\ \hline Total Current Assets & $ & 53,900 \\ \hline \end{tabular} Property, Plant, and Equipment: \begin{tabular}{ccr} Equipment & 206,000 & \\ \hline Less: Accumulated Depreciation & (42,000) & 164,000 \\ \cline { 2 - 4 } Total Assets & $ & 217,900 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable $17,000 Stockholders' Equity Common Stock, no par Retained Earnings $100,000100,900 Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings \begin{tabular}{rr} $100,000 \\ 100,900 \\ \hline \end{tabular} Total Stockholders' Equity Total Liabilities and Stockholders' Equity $217,900 The Trevor Toy Conpany manufactures loy bulding block sets for children. Trevor is planning for 2025 by developing a masser budget Oy quarters. Trevor's balance sheet for Desember 31 , 2024 , follows: Click the icon to view the balance sheet) Other budget data for Trevor Toy Company: (Cick the icon to view the other data) Read the reguirements. Piepare the production budget. Review the sales budoet you presared above