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(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 100 sets per quarter. Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. Sets are budgeted to sell for $90 per set. b. Finished Goods Inventory on December 31, 2024, consists of 200 sets at $24 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected to be 1,500 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31,2024, consists of 1,000 pounds. Direct materials requirement is five 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 1,000 pounds; indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.40 hours of direct labor; direct labor costs average 10 per hour. g. Variable manufacturing overhead is $4.00 per set. h. Fixed manufacturing overhead includes $4,000 per quarter in depreciation and $1,250 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $2,400 per quarter for rent; $750 per quarter for insurance; and $1,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $40,000 for new manufacturing equipment, to be purchased and paid for Prepare the production budgot. The Trevor Toy Company manufactures toy building block sets for children. Trevor is planning for 2025 by developing a master budget by quarters. Trevor's balance sheet for December 31, 2024, follows: Requirement 1. Prepare Trevor's operating budget and cash budget for 2025 by quarter. Required schedules and budgets include: sales budget, production budget, direct materiais budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schodule of cash payments, and cash budget. Manutacturing overhead costs are allocated based on direct labor hours. (Round all calculations to the nearest dollar) Begin by preparing the sales budget. Propare the production budget. Trevor Toy Company Balance Sheet December 31, 2024 Assets \begin{tabular}{|lrl|} \hline Current Assets: \\ \hline Cash & $5,000 & \\ \hline Accounts Receivable & 55,000 & \\ \hline Raw Materials Inventory & 1,000 & \\ \hline Finished Goods Inventory & $4,800 & \\ \hline Total Current Assets & $ & 110,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Equipment & 150,000 & \\ \hline Less: Accumulated Depreciation & (39,000) & 111,000 \\ \hline Total Assets & $ & 221,800 \\ \hline \end{tabular} Liabilities Current I iahilities: k. Capital expenditures include $40,000 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 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 $4,500 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 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter