Party Time Inc. needs your help to create some of its budgets for the year. All of the firm's party favor pirate chest boxes include 6 gold coins. Its partially completed sales budget for its party favor boxes is as follows: Party Time Inc. Sales Budget For the Year Ended Dec. 31, 2020 (weddings !) (Christmas!) Q1 Q2 Q3 Q4 Yearly Total 10,500 ? 13,300 ? ? 5.50 $ 5.50 $ 5.50 $ 5.50 ? 57,750 $ 66,000 $ 73,150 $ 77,000 $ 273,900 Budgeted unit sales Budgeted sales price Budgeted sales revenue $ $ Party Time Inc. maintains ending finished goods inventory equal to 8% of the budgeted sales for the next quarter. The firm wants 750 finished boxes in its warehouse at the end of Q4. Party Time Inc. also maintains its ending inventory of gold coins to be equal to 5% of the next quarter's production needs. The firm wants to end Q4 with 3,200 gold coins. 1) Complete the Production Budget for Party Time Inc. Please show your work by filling in each box, except for the "optional column" like in #1, which you may use or may not - your choice! (optional column) 21 Q2 Q3 24 Year Total Budgeted Production in Units 2) Complete Party Time Inc.'s Raw Materials Purchases Budget for Gold Coins. (Recall each gold coin costs the firm $0.08 to purchase.) Please show your work by filling in the all of the white boxes below for full cred. 21 Q2 Q3 Year Total Budgeted Cost of RM Purchases 3) Using the information below, calculate Party Time Inc.'s total cash receipts for January, February, and March. Of the 11,000 Pirate Treasure Chests (party favor boxes) expected to be sold in Q1, 3,000 boxes are expected to be sold in January, 3,500 in February, and 4,500 in March. Each box sells for $5.50, as reflected in the Sales Budget for the year. Sixty percent of the Party Time Inc.'s sales are credit sales. Of the credit sales, 52 percent is collected in the month of the sale, 38 percent is collected during the following month, and 10 percent is collected in the second month following the sale. Assume that there were $4,000 of accounts receivable from last year's sales that will be collected in January. Please show your work by filling the all of the white boxes below for full credit. Jan. Feb. March *Sales Price A/R from last year (N/A) (N/A) Total Cash Receipts (aka Cash Collected) 4) Using the information below, calculate Party Time Inc.'s cash payments for raw materials for January and February. Of the raw materials to be purchased in Q1, 26,000 gold coins are to be purchased in January and 20,210 in February. Party Time Inc.'s supplier allows the firm to pay for 45% in the month of purchase and the remaining balance in the month following the purchase. Assume that there were $1,500 of accounts payable from last year's purchases of gold coins that will be paid in January. Please show your work (you can also use the space below). Jan. Feb. Cost per gold coin A/P from last year Total Cash Payments 5) Looking ahead, assume the following for April & May... Total expenses (including RM cash purchases) are expected to be $19,000 in April and $12,000 in May. Total expenses include $1,500 of depreciation expense each month, while all other expenses included are paid in cash. The firm wishes to maintain a minimum cash balance of $20,000 each month in the coming year. Party Time borrows from its bank in increments of $2,500 in order to maintain its desired cash balance, and no interest is charged if a loan is repaid within one month. Calculate the ending cash balance for April and May using this information. Please show your work! April May Beginning Cash Balance $20,000 Cash Collections $14,800 $17,200 Total Cash Payments Balance before financing Amount Borrowed or Repaid Ending Cash Balance