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Balance Sheet December 31,2024 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets \$. 64,000 32.000 3.200 4,800 104,000 Property, Plant, and Equipment: Equipment 206,000 (Unless otherwise noted, assume all of the tollowing events occurred during 2024 and that any balances given are stated as of December 31, 2024.) a. Budgeted sales are 1,300 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 30% of total sales, with the remaining 70% of sales on account b. Finished Goods Inventory on December 31,2024 consists of 200 tires at $24 each. c. Desired ending Finished Goods inventory is 40% of the next quarter's sales, first quarter sales for 2026 are expected be 2,100 tires. FIFO inventory costing method is used d. Raw Materials Inventory on December 31,2024 , consists of 400 pounds of rubber compound used to manufacture the tires: e. Direct materials requirements are two pounds of a rubber compound per tire. The cost of the compound is $8.00 per pound f. Desired ending Raw Materials Inventory is 50% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025 is 400 pounds; indirect materiais are insignificant and not considered for budgeting purposes. g. Each tire requires 0.50 hours of direct labor, direct labor costs average $20 per hour. h. Variable manufacturing overhead is $4 per tire 1. Fixed manufacturing overhead includes $2,000 per quarter in depreciation and $21,760 per quarter for other costs, such as utilities, insurance, and property taxes, 1. Fixed selling and administrative expenses include $9,000 per quarter for salaries; $5,100 per quarter for rent; $1,950 per quarter for insurance, and $2.000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales 1. Capital expenditures include $40,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 65% in the quarter of the sale and 35% in the quarter following the sale; December 31, 2024, Accounts Receivable is received in the first quarter of 2025: uncollectible accounts are considered insignificant and not considered for budgeting purpos n. Direct materials purchases are paid 50% in the quarter purchased and 50% in the following quarter: December 31,2024 , Accounts Payable is paid in the first quarter of 2025. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred 1. Capital expenditures include $40,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 65% in the quarter of the sale and 35% in the quarter following the sale; December 31, 2024. Accounts Receivable is received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 50% in the quarter purchased and 50% in the following quarter: December 31, 2024, Accounts Payable is paid in the first quarter of 2025 o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. P. Income tax expense is projected at $3,000 per quarter and is paid in the quarter incurred q. Grayson desires to maintain a minimum cash balance of $60,000 and borrows from the tocal 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 avallable 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