please help... (show work if possible)
fill the blankets
The Tuscan Toy Company manufactures toy building block sets for children. Tuscan is planning for 2019 by developing a master buc E (Click the icon to view the balance sheet) Other budget data for Tuscan Toy Company (Click the icon to view the other data) Read the requirements 91 000 $ 98,000 $ 105,000 $ 112 000 $ 406000 Total sales Prepare the production budget. Review the sales budget you prepared above. Tuscan Toy Company Production Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be sold 1300 1400 1500 1600 5800 Plus. Desired sots in ending inventory Total sets needed Less Sets in beginning inventory Budgeted sets to be produced Tuscan Toy Company Sales Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted sets to be sold 1,300 70||$ 1,400 70S 1,500 70 $ 1,600 70 $ 5,800 70 Sales price per unit Total sales 91,000 $ 98,000 $ 105,000 $ 112,000 $ 406.000 Cash $ 15,000 55,000 Accounts Receivable Materials inventory Finished Goods Inventory 1,050 5,100 $ 76,150 Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated Depreciation 206,000 (39,000) 167,000 Total Assets $ 243,150 Liabilities Current Liabilities: Accounts Payable 17,000 Stockholders' Equity $ Common Stock, no par Retained Earnings Total Stockholders' Equity 130,000 96,150 226,150 $ 243,150 Total Liabilities and Stockholders' Equity er bl ci More Info . X (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budge: sales are 1,300 sets for the first quarter and expected to increase by 100 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 $70 per set b. Finished Goods Inventory on December 31, 2018, consists of 150 sets at $34 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales, first quarter sales for 2020 are expected to be 1.700 sets FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 1,050 pounds Direct materials requirement is 7 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, 2019, is 1,050 pounds, indirect materials are insignificant and not considered for budgeting purposes f. Each set requires 0 30 hours of direct labor, direct labor costs average 14 per hour g. Variable manufacturing overhead is $4.20 per set. h. Fixed manufacturing overhead includes $5,000 per quarter in depreciation and $6,088 per quarter for other costs, such as utilities insurance, and property taxes, 1. Fixed selling and administrative expenses include $14,000 per quarter for salaries $2,400 per quarter for rent; $600 per quarter for insurance, and $2,000 per quarter for depreciation jVariable selling and administrative expenses include supplies at 3% of sales, k. Capital expenditures include $55,000 for new manufacturing equipment to be purchased and paid for in the first quarter. 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, 2018, is expected to be received in the first
