please help! i keep getting this question wrong!

Othor data for Goldman Tire Company; (1) (Click the icon to view the other data ) Read the teguirements. Requirements 1. Prepare Goldman's operating budgot and cash budgot for 2019 by quartar. Pequired schedules and budgets includes sales budget, production budget. direct materials budget, direct fabor budget, manufacturing overhesd budget. cost of goods sold budget, salling and administrative expenso budget, schedule of cash receipts. schedule of cash poyments, and cash budget. Manufacturing ovechead colts are allocated bssed on diroct labor hours Round al calculations to the nearest dollar. 2. Prepare Goldman's annual financal budgot for 2019, induding budgoted income stasement and budgeled balance sheel. (Uniess otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31,2018 .) Budgeted sales are 1,200 tires for the first quarter and expected to increase by 250 tires per quarter. a. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 600 tires at $32 each. Desired ending Finished Goods Inventory is 20% of the next quarter's sales; first quarter sales for c. 2020 are expected be 2,200 tires. FIFO inventory costing method is used. Raw Materials Inventory on December 31, 2018, consists of 1,200 pounds of rubber compound used d. to manufacture the tires. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound e. is $7.00 per pound. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31,2019 is 1,200 pounds; indirect materials are f. insignificant and not considered for budgeting purposes. 9. Each tire requires 0.80 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturiog overhead is $5 per tire. Fixed manufacturing overhead includes $3,500 per quarter in depreciation and $23,209 per quarter for i. other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $4,200 per quarter j. for rent; $1,950 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. Capital expenditures include $55,000 for new manufacturing equipment, to be purchased and paid in I. the first quarter. Cash receipts for sales on account are 75% in the quarter of the sale and 25% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019; m uncollectible aconunts are mosidered insianificant and nnt onneidered for hudnotina numnoses. Fixed manufacturing overhead includes $3,500 per quarter in depreciation and $23,209 per quarter for i. other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $4,200 per quarter j. for rent; $1,950 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. Capital expenditures include $55,000 for new manufacturing equipment, to be purchased and paid in I. the first quarter. Cash receipts for sales on account are 75% in the quarter of the sale and 25% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019; m. uncollectible accounts are considered insignificant and not considered for budgeting purposes. Direct materials purchases are paid 90% in the quarter purchased and 10% in the following quarter: n. December 31, 2018, Accounts Payable is paid in the first quarter of 2019. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter o. incurred. p. Income tax expense is projected at $4,000 per quarter and is paid in the quarter incurred. Goldmant Jesires to maintain a minimum cash balance of $60,000 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 12% per year and paid at the beginning of the quarter based on the amount outstanding from the previous q. quarter. Round ali calailitions to the nesest dolly. Review the sales budget you prepared above. Goldman Tiro Company Direct Materials Budget For the Year Ended December 31, 2019 Direct materials per tire Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct matorials : Direct materials cost por pound Budgeted cost of direct materials asoqe pojadoud nok jabigriq uononpoud aun mainay Prepare the manulacturing overhead budget. (Abbreviations used: VOH = varlable manufacturing overhead; FOH= fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019 . (Round all amounts to the nearest cent.) Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Goldman Tire Company Cost of Boods Fold Budget For the Year Ended December 31, 2019 Tires produced and sold in 2019 Total budgeted cost of goods sold Prepare the selling and administrative expense budget Review the sales budget you prepared above. Prepare the cash receipts budget. (If an input feld is not used in the table leave the input fleld emply; do not enter a zero.) 2nd Qtr-Cash sales 2nd Qur-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qir-Credit sales, collection of Qlr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr-Credit sales, collection of Qtr, 3 sales in Qtr. 3 3rd Qtr. -Crodit sales, collection of Qtr, 3 sales in Qtr. 4 4th Qir. - Cash sales 4th Qtr-Credit sales, collection of Qur, 4 sales in Qtr, 4 Total cash receipts from customers. Accounts Recelvable balance, December 31, 2019: 4th Otf-Credit sales, collection of Otr. 4 sales in Ctr. 1 of 2020 Cash Payments Total direct materials purchasen Cash Payments Direct Materials: Accounts Payable balance, Docember 31, 2018. ist Qur-Qu. 1 direct material burchases paid ha Gif. 1 1st Qir - Oir 1 gired material purchases pald in Oir.2 2nd ctr - our 2 direct maeriai porchases puld in Otr. 2 2nd OU:- Ouf, 2 direct molunar purchusen pait in our a? ard Qur-Cir, 3 drect malerlal purchases paid in Cr.3 Yod Oif - Ou. 3 decect marerial purchases paid in Otr.4 4th og - Otr. 4 direct materiat purchases pakt in Qsi 4 Total payments for direct materials 3rd Otr-Qtr, 3 direct material purchases paid in Qtr.4 4 Qth Qir.Olr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expensos: Total payments for Selling and Admin. expenses Accounts Payable balance, December 31, 2019: 4th Qtr-Qir, 4 direct material purchases paid in Qtr. 1 of 2020 Prepare the cash budget. (Complete all input fields. Enter a "0" for any zero balances. Round all amounts entered into the cash budgot to the nearest wh Cash Budgot For the Year Ended December 31, 2019 Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before fienancing Miniznum cash balance desired Projected cash excess (decciency) Financing: Borrowing Principal repayments Total effects of cfinancing. Ending cash balanca Requirement 2. Prepare Goldman's annual financaal budget for 2019, including budgeted income statement budgeted balance sheet, and budgeted statement af cash fiows Begin with the budgoted income statement. (Completo all ingut fields. Enilor a "o. for any zeco balances.) Review the sales budget you prepared above. Review the cost of goods sold budget you prepared above. Review the selling and administrative oxpense bodget you prepared above. Review the cash budgotyou preparod above. Goldman Tire Company Presare the budgeted balance sheet. (Round in the huarest whole dollar) Assets Current Assets: Cash Accounts Recelvable Raw Materials Inventory Finlshed Goods Inventory Total Current Assets Property. Plant, and Equipment: Equipment Loss: Accumulated Depreclation Total Assets Liabilitios Current Llablilies: Accounts Payablo Stockholders' Equity Common Stock, no par Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Llabilities and Stockholders' Equity