Please help with thr blanks and the unanswered requirements if possible please:)

Data table Current Assets: Grayson Tire Company Balance Sheet December 31, 2024 Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Print Liabilities $ 70,000 30,000 4,000 13,500 142,000 (55,000) Done $ $ 117,500 87,000 204,500 - X Gical all Sit (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31, 2024.) a. Budgeted sales are 2,000 tires for the first quarter and expected to increase by 250 tires per quarter. 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, 2024 consists of 500 tires at $27 each. c. Desired ending Finished Goods Inventory is 50% of the next quarter's sales; first quarter sales for 2026 are expected be 3,000 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2024, consists of 1,000 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 $4.00 per pound. f. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025 is 1,000 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.80 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $3 per tire. 1. Fixed manufacturing overhead includes $1,500 per quarter in depreciation and $49,425 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $7,500 per quarter for salaries: $1,500 per quarter for rent; $600 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. UC More info 9. Lacirure requires 0.00 hours or direct lavor, direct labor costs average to per nour. h. Variable manufacturing overhead is $3 per tire. i. Fixed manufacturing overhead includes $1,500 per quarter in depreciation and $49,425 per quarter for other costs, such as utilities, insurance, and property taxes. 1. Fixed selling and administrative expenses include $7,500 per quarter for salaries; $1,500 per quarter for rent; $600 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% 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 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 $2,500 per quarter and is paid in the quarter incurred. q. Grayson desires to maintain a minimum cash balance of $70,000 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 10% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Print Done WEARATE X ys la yn bu 60 Requirements 1. Prepare Grayson's operating budget and cash budget for 2025 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. 2. Prepare Grayson's annual financial budget for 2025, including budgeted income statement and budgeted balance sheet. Print Done ng The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $70 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) Budgeted tires to be sold Sales price per unit Requirement 1. Prepare Grayson's operating budget and cash budget for 2025 by quarter Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Begin by preparing the sales budget. Total sales Prepare the production budget. P Grayson Tire Company Sales Budget For the Year Ended December 31, 2025 First Third Quarter Quarter $ $ 2,000 70 $ Second Quarter 2,250 23 Help me solve this Etext pages Calculator 2,500 Fourth Quarter 70 $ 70 $ 70 S 140,000 $157,500 $ 175,000 $ 192,500 $ 2,750 #tv Other data for Grayson Tire Company: (Click the icon to view the other data.) Read the equirement Total 9,500 70 665.000 SP Save Clear all Check answer L The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $70 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) 140,000 $157,500 || $ 175,000||$ Total sales Prepare the production budget. Review the sales budget you prepared above. Budgeted tires to be sold Plus: Desired tires in ending inventory Total tires needed Less: Tires in beginning inventory Budgeted tires to be produced Prepare the direct materials budget. Grayson Tire Company Production Budget For the Year Ended December 31, 2025 Help me solve this. Etext pages First Quarter 2,000 1,125 3,125 500 2.625 Second Quarter Calculator 2,250 1,250 C 3,500 1.125 2,375 I 192,500 $ 665,000 Third Quarter 2,500 1,375 Other data for Grayson Tire Company: (Click the icon to view the other data.) 3,875 1,250 2,625 Read the equirement Fourth Quarter 2,750 1,500 4,250 1,375 2,875 Total 9,500 1,500 11,000 500 10,500 Clear all The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $70 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) Prepare the direct materials budget. Review the production budget you prepared above. Budgeted tires to be produced Direct materials per tire 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 Grayson Tire Company Direct Materials Budget For the Year Ended December 31, 2025 First Second Quarter Quarter 2,625 2 5,250 1,900 7,150 1,000 6,150 CIDE 400 2,375 2 4,750 2,100 6,850 1,900 CDD 4,950 400 Other data for Grayson Tire Company: (Click the icon to view the other data.) Read the requirement Third Quarter 2,625 2 5,250 2,300 7,550 2,100 5,450 400 Fourth Quarter 2,875 2 5,750 1,000 6,750 2,300 4,450 42 Total 10,500 2 21,000 1,000 22,000 1,000 21,000 40 ng The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $70 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2024, follows: EEE (Click the icon to view the balance sheet.) Budgeted tires to be produced Direct materials per tire Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Direct Materials Budget For the Year Ended December 31, 2025 Second Quarter Help me solve this Etext pages First Quarter $ $ 2,625 2 5,250 1,900 Calculator GILD 7,150 1,000 CHILD 2,375 2 4,750 2,100 6,850 1,900 Other data for Grayson Tire Company: (Click the icon to view the other data.) Read the equirement Third Quarter 2,625 2 5,250 2,300 7,550 2,100 6,150 4,950 4.00 $ 4.00 $ 4.00 $ 24,600 $19.800 S 21,800 $ 5,450 Fourth Quarter 2,875 2 5,750 1,000 6,750 2,300 Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per pound Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nearest whole numb Total 10,500 2 4,450 21,000 1,000 22,000 1,000 21,000 4.00 $ 4.00 17,800 $ 84,000 Clear all Che- res racing tires for bicycles. Grayson sells tires for $70 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) Grayson Tire Company Direct Labor Budget For the Year Ended December 31, 2025 Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nearest whole number.) Review the production budget you prepared above. First Quarter $ $ 2,625 0.80 Second Quarter 2,100 10 S 21,000 $ Budgeted tires to be produced Direct labor hours per unit Direct labor hours needed for production Direct labor cost per hour Budgeted direct labor cost Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH fixed manufacturing overhead.) Made th 2,375 0.80 1,900 Gam Third Quarter 10 $ 19,000 $ 2,625 0.80 Other data for Grayson Tire Company: (Click the icon to view the other data.) Read the equirementt 2,100 10 $ 21,000 $ Fourth Quarter 2,875 0.80 2,300 Total 10 $ 23,000 $ 10,500 0.80 8,400 10 84,000 ng The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $70 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) Budgeted tires to be produced VOH cost per tire Budgeted VOH Budgeted FOH Depreciation Utilities, insurance, property taxes Total budgeted FOH Budgeted manufacturing overhead costs Grayson Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2025 First Quarter Help me solve this Etext pages $ $ 2,625 3 S 7,875 $ Second Quarter 2.100 Calculator 2,375 1,500 49,425 50,925 50,925 58,800 $ 58,050 $ 3 $ 7,125 $ 1,500 49,425 +000 Third Quarter 2,625 Other data for Grayson Tire Company: (Click the icon to view the other data.) 1,500 49,425 Read the requirements 3 $ 7,875 $ 50,925 58,800 $ Fourth Quarter 2,875 3 $ 8,625 $ 1,500 49,425 Total 2.300 10,500 3 31,500 6,000 197,700 50,925 203,700 59,550 $ 235,200 Clear all CH The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $70 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) Budgeted FOH Depreciation Utilities, insurance, property taxes Total budgeted FOH Budgeted manufacturing overhead costs $ 1,500 49,425 50,925 58,800 $ Total projected manufacturing cost per tire for 2025 2,100 Help me solve this Etext pages Calculator 1,500 49,425 50,925 1,900 1,500 49,425 50,925 58,050 $ 58,800 $ Other data for Grayson Tire Company: (Click the icon to view the other data.) Read the requirementt 2,100 Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2025. (Round all amounts to the nearest cer 1,500 49,425 50,925 59,550 $ 2,300 6,000 197,700 203,700 235,200 8,400 $ 235,200 28 Clear all