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(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. Budgeted sales are 1,000 sets for the first quarter and expected to increase by 200 sets per quarter. Cash sales are expected to be 30% of total sales, with the remaining 70% of sales on account Sets are budgeted to sell for $70 per set b. Finished Goods Inventory on December 31, 2018, consists of 350 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 1,800 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 1,400 pounds. Direct materials requirement is 4 pounds per set. The cost is 1 per pound 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 1,400 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 14 per hour. g. Variable manufacturing overhead is $5 60 per set h. Fixed manufacturing overhead includes $2,000 per quarter in depreciation and $9.319 per quarter for other costs, such as utilities insurance, and property taxes i. Fixed selling and administrative expenses include $8.500 per quarter for salaries $2.400 per quarter for rent $1,800 per quarter for insurance and $500 per quarter for depreciation e. For the Year Ended December 31, 2019 First Second Third Fourth Total Quarter Quarter Quarter Quarter Budgeted sets to be produced Direct materials per set (pounds) Direct materials needed for production Plus Desired direct materials in ending inventory Total direct materials needed Less Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per pound Budgeted cost of direct materials purchases X d=608295307&questionid=1&flushed=false&cd=6672061¢erwinnyes Question 1, Comp24-1 (... HW Score: 6.76%, 0.07 1 Data table heet fo fol Balance Sheet December 31, 2018 Assets Current Assets Jed Cash 35,000 ITS Accounts Receivable 50,000 ar 1,400 11.900 98,300 Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 194.000 (32.000) 162.000 260,300 $ Total Assets Print Done ton TS Liabilities Current Liabilities: $ 12,000 Accounts Payable Stockholders' Equity $ Common Stock, no par 100,000 148,300 Retained Earnings Total Stockholders' Equity 248,300 $ 260,300 Total Liabilities and Stockholders' Equity (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. Budgeted sales are 1,000 sets for the first quarter and expected to increase by 200 sets per quarter. Cash sales are expected to be 30% of total sales, with the remaining 70% of sales on account Sets are budgeted to sell for $70 per set b. Finished Goods Inventory on December 31, 2018, consists of 350 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 1,800 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 1,400 pounds. Direct materials requirement is 4 pounds per set. The cost is 1 per pound 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 1,400 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 14 per hour. g. Variable manufacturing overhead is $5 60 per set h. Fixed manufacturing overhead includes $2,000 per quarter in depreciation and $9.319 per quarter for other costs, such as utilities insurance, and property taxes i. Fixed selling and administrative expenses include $8.500 per quarter for salaries $2.400 per quarter for rent $1,800 per quarter for insurance and $500 per quarter for depreciation e. For the Year Ended December 31, 2019 First Second Third Fourth Total Quarter Quarter Quarter Quarter Budgeted sets to be produced Direct materials per set (pounds) Direct materials needed for production Plus Desired direct materials in ending inventory Total direct materials needed Less Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per pound Budgeted cost of direct materials purchases X d=608295307&questionid=1&flushed=false&cd=6672061¢erwinnyes Question 1, Comp24-1 (... HW Score: 6.76%, 0.07 1 Data table heet fo fol Balance Sheet December 31, 2018 Assets Current Assets Jed Cash 35,000 ITS Accounts Receivable 50,000 ar 1,400 11.900 98,300 Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 194.000 (32.000) 162.000 260,300 $ Total Assets Print Done ton TS Liabilities Current Liabilities: $ 12,000 Accounts Payable Stockholders' Equity $ Common Stock, no par 100,000 148,300 Retained Earnings Total Stockholders' Equity 248,300 $ 260,300 Total Liabilities and Stockholders' Equity