Olympia Company manufactures tires for fitness bicycles. The tires sell for RM$50$ each. Olympia is planning its manufacturing operations for $2024$ by developing a master budget. Toyo Company statement of financial position for $31$ December $2023$ is as below:

Olympia Company

Statement of Financial Position as at $31$ December $2023$

RM RM

Non$-$Current Assets

Property, Plant and Equipment $175,000$

Less: Accumulated Depreciation $(57,000)118,000$

Current Assets

Cash $25,657$

Accounts Receivable $25,000$

Raw Materials Inventory $3,000$

Finished Goods Inventory $5,80059,457$

Total Assets $177,457$

Current Liabilities

Accounts Payable $5,000$

Stockholders$$ Equity

Common Stock $125,000$

Retained Earnings $47,457172,457$

Total Liabilities & Stockholders$$ Equity $177,457$

The relevant budget data for Olympia Company in $2024$ are as follows:

$1.$ Budgeted sales are $900$ tires for the first quarter and is expected to increase by $100$ tires per quarter. Cash sales are expected to be $30\%$ of total sales, with the remaining $70\%$ sales on account.

$2.$ Finished goods inventory on $31$ December $2023$ consists of $200$ tires at RM$29$ each.

$3.$ Desired ending finished goods inventory is $40\%$ of the next quarter$$s sales volume; first quarter sales volume for $2025$ are expected at $1,300$ tires.

$4.$ Each unit of tire would require: $1$ kg of material at RM$15/$kg$.$

$5.$ Desired ending raw materials inventory is $20\%$ of the next quarter$$s direct materials needed for production; desired ending inventory for December $2023$ and $2024$ is $200$kg; indirect materials are insignificant and will not be considered for budgeting purposes.

$6.$ Each tire requires $0\mathrm{.}20$ hours of direct labour; direct labour costs averages at RM$18$ per hour.

$7.$ Variable manufacturing overhead is RM$2$ per tire.

$8.$ Fixed manufacturing overhead includes RM$3,000$ per quarter in depreciation and RM$4,232$ per quarter for insurance.

$9.$ Fixed selling and administrative expenses include RM$9,000$ per quarter for salaries; RM$3,000$ per quarter for rent; RM$600$ per quarter for insurance; and RM$500$ per quarter for depreciation.

$10.$ Variable selling and administrative expenses sales commission is at $1\%$ of each quarter$$s sales value.

$11.$ Capital expenditures include RM$20,000$ for a new manufacturing equipment, to be purchased and paid in the first quarter.

$12.$ Cash receipt for sales on account are $50\%$ in the quarter of the sale and $50\%$ in the quarter following the sale. The accounts receivable for December $2023$ are received in the first quarter of $2024.$ The uncollectible accounts are considered insignificant and not considered for budgeting purposes.

$13.$ Direct materials purchases are paid for at $75\%$ in the quarter purchased and $25\%$ in the following quarter. The accounts payable for December $2023$ are paid in the first quarter of $2024.$

$14.$ Direct labour, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred.

$15.$ Income tax expense is projected at RM$2,000$ per quarter and is paid in the quarter incurred.

$16.$ Olympia Company desires to maintain a minimum cash balance of RM$20,000$ and borrows from the local bank as needed. Interest is charged on loans at $12\%$ per year and will be paid immediately $($upon available cash at the beginning of a quarter$)$ based on the amount outstanding from the previous quarter.

Required: Prepare the following budgets for each Quarter and in Total for the year $2024.$

a$)$ Sales Budget

b$)$ Production Budget

c$)$ Direct Material Budget

d$)$ Direct Labour Budget

e$)$ Manufacturing Overhead Budget

f$)$ Selling & Administrative Budget

g$)$ Schedule of Expected Cash Collection

h$)$ Schedule of Expected Cash Disbursement

i$)$ Cash Budget