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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 5,700 sets in 2025, and its actual operating income was as follows: Trevor Toy Company Income Statement For the Year Ended December 31, 2025 Net Sales Revenue $ Cost of Goods Sold: 456,000 Variable $ 39,372 Fixed 17,604 56,976 Gross Profit 399,024 Selling and Administrative Expenses: Variable 9,120 Fixed 66,000 75,120 Operating Income 323,904 Uperaung micomte JZ3,904 Other Income and (Expenses): Interest Expense (300) Income Before Income Taxes 323,604 Income Tax Expense 10,000 Net Income $ 313,604 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 those produced and sold in 2025, assume the following product costs: Variable Fixed Total Static budget $ 36,656 $ 19,104 $ 55,760 Flexible budget 38,222 19,104 57,326 4. What was the effect on Trevor's operating income of selling 100 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. Standard Cost Information 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 Quantity Cost Direct materials 3 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 0.20 hours per set $19.20 per hour budget amount: $19,104 Actual Cost Information Direct materials (16,800 pounds @ $1.50 per pound) $ 25,200 Direct lab (1,100 hours @ $8.50 per hour) 9,350 Variable manufacturing overhead (1,100 hours @ $7.70 per hour) 8,470 Fixed manufacturing overhead 17,604 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 10% target rate of return. Calculate Trevor's RI for 2025. Interpret your results. Print Done (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 1,100 sets for the first quarter and expected to increase by 200 sets per quarter. Cash sales are expected to be 40% of total sales, with the remaining 60% of sales on account. Sets are budgeted to sell for $80 per set. b. Finished Goods Inventory on December 31, 2024, consists of 200 sets at $25 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected to be 1,900 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2024, consists of 600 pounds. Direct materials requirement is three 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 600 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 $2,500 per quarter in depreciation and $2,276 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $13,000 per quarter for salaries; $2,400 per quarter for rent; $600 per quarter for insurance; and $500 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $20,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. I. Cash receipts for sales on account are 60% in the quarter of the sale and 40% 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 80% in the quarter purchased and 20% 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 $1,500 per quarter and is paid in the quarter incurred. p. Trevor desires to maintain a minimum cash balance of $40,000 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 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Trevor Toy Company Balance Sheet December 31, 2024 Assets Current Assets: Cash $ 15,000 40,000 600 5,000 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 60,600 199,000 (42,000) 157,000 Total Assets $ 217,600 Liabilities Current Liabilities: Accounts Payable $ 9,000 170,000 Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 38,600 208,600 $ 217,600 Requirement 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.) Begin by preparing the sales budget. Trevor Toy Company Sales Budget For the Year Ended December 31, 2025 First Second Third Fourth Quarter Quarter Quarter Total Budgeted sets to be sold Quarter 1,300 520 1,100 440 5,600 1,500 600 1,700 680 Sales price per unit 2240 1540 1820 2100 2380 7840 Total sales