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Endless Mountaln Company manufactures a slngle product that Is popular with outdoor recreation enthuslasts. The company sells its product to retallers throughout the northeastern quadrant of theUed States. It Is In the process of creating a master budget for 2017 and reports a balance sheet at December 31, 2016 as follows: Balance Sheet December 31, 2016 Assets Current assets 5 Accounts receivable (net) Ra materials inventory 4,500 yards) Finished goods inventory (1,500 units) 46, 200 260,000 11, 250 2, 250 Total current assets $349, 700 Plant and equipment 900, 000 292,000) Aecumulated depreciation Plant and equipment, net Total assets 608,000 $957, 700 Liabilities and Stoctbolders' Equity Current liabilities $158,000 Aecounts payable Stoctholder equity: 419, 800 379, 900 Common stoc Retained earnings Total stoctholders equity Total liabilities and stoctholders' equity 799, 700 $957, 700 The company's chlef financlal officer (CFO). In consultation with varlous managers across the organlzation has developed the following set of assumptions to help create the 2017 budget: 1. The budgeted unlt sales are 12,000 unlts, 37,000 unlts, 15,000 unlts, and 25,000 unlts for quarters 1-4, respectively. Notice that the company experlences peak sales In the second and fourth quarters. The budgeted sellilng price for the year Is $32 per unlt. The budgeted unit sales for the first quarter of 2018 Is 13,000 unlts. 2. All sales are on credit Uncollectible accounts are negligble and can be Ignored. Seventy-five percent of all credit sales are collected in the quarter of the sale and 25% are collected in the subsequent quarter. 3. Each quarter's ending finished goods inventory should equal 15% of the next quarter's unit sales. 4. Each unit of finlshed goods requires 3.5 yards of raw materlal that costs $3.00 per yard. Each quarter's ending raw materials Inventory should equal 10% of the next quarter's production needs. The estimated ending raw materials Inventory on December 31, 2017 Is 5,000 yards. 5. Seventy percent of each quarter's purchases are paid for in the quarter of purchase. The remaining 30% of each 6. Direct laborers are pald $18 an hour and each unit of finlshed goods requires 0.25 direct labor-hours to complete. All 7. The budgeted varlable manufacturing overhead per direct labor-hour Is $3.00. The quarterly fixed manufacturing quarter's purchases are pald In the following quarter. direct labor costs are pald In the quarter Incurred. overhead Is $150,000 Including $20,000 of depreclation on equlpment The number of direct labor-hours Iis used as the allocation base for the budgeted plantwide overhead rate. All overhead costs (excluding depreclation) are pald In the quarter Incurred. 8. The budgeted variable selling and administrative expense is $1.25 per unit sold. The fixed selling and administrative expenses per quarter Include advertising ($25,000), executive salaries ($64,000), Insurance ($12000). property tax $8,000), and depreclation expense ($8,000). All selling and administrative expenses (excluding depreclation) are pald In the quarter Incurred. 9. The company plans to malntaln a minimum cash balance at the end of each quarter of $30,000. Assume that any borrowings take place on the first day of the quarter. To the extent possible, the company l epay princlpal and Interest on any borrowings on the last day of the fourth quarter. The company's lender Imposes a slmple Interest rate of 3% per quarter on any borrowings. 10. Dvldends of $15.000 will be declared and pald In each quarter. 11. The company uses a last-n, first-out (LIFO) Inventory flow assumption. This means that the most recently purchased raw materlals are the "first-out" to production and the most recently completed finished goods are the "first-out" to