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DATA: The Grilton Tire Company manufactures racing tires for bicycles. Grilton sells tires for $50 each. Grilton is planning for next year (2019) by developing a master budget by quarters. Grilton's balance sheet for December 31, 2018 follows: GRILTON TIRE COMPANY Balance Sheet December 31, 2018 Assets Current Assets: Cash 39,000 Accounts Receivable 40,000 Raw Materials Inventory 2,400 Finished Goods Inventory 8.700 Total Current Assets $ 90,100 Property, Plant and Equipment: Equipment 177,000 Less: Accumulated Depreciation (42,000) 135.000 Total Assets S225.100 Liabilities Current Liabilities: Accounts Payable $ 8,000 Stockholder's Equity Common Stock, no par 130,000 Retained Earnings 87,100 Total Stockholder's Equity 217.100 Total Liabilities and Stockholder's Equity $225.100 Other data for Grilton Tire Company a. Budgeted Sales are 1,500 for the first quarter and expected to increase by 200 tires per quarter. Cash Sales are expected to be 30% of total sales, with the remaining 70% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 300 tires at $29 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales, first quarter sales for 2020 are expected to be 2.300 tires and second quarter sales for 2020 are expected to be 2,500. FIFO inventory costing method is used. d. Direct Materials cost is $8 per tire. e. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production. f. Each tire requires 0.40 hours of direct labor, direct labor costs average $16 per hour. g. Variable manufacturing overhead is $2 per tire produced. h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $26,780 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $8,000 per quarter for salaries: $1,800 per quarter for rent; $1,200 per quarter for insurance; and S500 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include S45,000 for new manufacturing equipment, to be purchased and paid in the first quarter. 1. Cash receipts for sales on account are 60% in the quarter of sale and 40% in the quarter following the sale. The December 31, 2018 Accounts Receivable (S40,000) is received in the first quarter of 2019. m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter. The December 31, 2018 Accounts Payable (S8,000) is paid in the first quarter of 2019. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. o. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. p. Grilton desires to maintain a minimum cash balance of S35,000 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 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Interest must be paid at the beginning of each quarter 1. Prepare a sales budget in units and dollars for each quarter and in total for the year 2019. (5 pts.) 2. Prepare a schedule of expected cash collections for each quarter and in total for the year 2019. (10 pts.) 3. Prepare a production budget for each quarter and in total for the year 2019. (10 pts.) 4. Prepare a direct materials budget for each quarter and in total for the year 2019. (10 pts.) 5. Prepare a schedule of expected cash disbursements for purchases of materials for each quarter and in total of the year 2019. (10 pts.) 6. Prepare a budgeted Schedule of Cost of Goods Manufactured for the year of 2019. (5 pts.) 7. Prepare a budgeted Income Statement for the year of 2019 (10 pts.) 8. Prepare a cash budget for the year of 2019. (15 pts.) 9. Group Participation (25 pts.) SALES BUDGET Sales in units 1500 1700 1900 2100 2500 x Selling price 50 50 Total Sales 75000 95000 105000 360000 115000 25000 SCHEDULE OF EXPECTED CASH COLLECTIONS 4th Quarter 2018 40000 Cash Sales 22500 25500 28500 31500 108000 34500 1st Quarter 2019 31500 2nd Quarter 2019 3rd Quarter 2019 4th Quarter 2019 Totals PRODUCTION BUDGET Year 1 2 Sales in units 1500 1700 1900 2100 7200 2300 2500 Add desired units of ending Fin. Goods Inv. 340 3200 1000 3300 1080 3580 Total needs 2180 2740 3020 10400 Less units of beg. Fin. Goods Inw. 780 1980 2580 7820 920 2380 1000 2580 Required production in units 2180 DIRECT MATERIALS BUDGET Required production in units 1880 1780 1980 2180720020 x 58.00 per unit $8.00 $8.00 $8.00 S800 Total cost of production needs 15040 15840 1744062560 19040 Add: Desired cost of ending raw material inventory . 654 714 2496 774 Total cost of raw materials needed 18952 21072 2315282528 Less: cost of beginning raw materials inventory 4272 523219968 S712 2400 18912 Cost of raw materials to be purchased 16320 17920 65872 19520 SCHEDULE OF EXPECTED CASH DISBURSEMENTS FOR PURCHASES OF MATERIALS AP, Dec 31, 2018 1st Quarter 2019 2nd Quarter 2010 3rd Quarter 2019 4th Quarter 2019 Totals DIRECT LABOR BUDGET Total production units x Direct labor hours per unit Total direct labor hours x Direct labor cost per hour Total direct labor cost 13952 5004 MANUFACTURING OVERHEAD BUDGET Variable Overhead Costs: Units of production * Variable Overhead Rate Total Variable Overhead Fixed Overhead Costs: Depreciation Total Fixed OH costs Total Manu. OH costs Less Depreciation Manufacturing Overhead paid in cash COST OF GOODS MANUFACTURED NUDGET Direct Materials Used: Dir. Mat. In 1/1/2019 Purchases during 2019 Materials Available Less: Dir. Matn 12/31/2019 Cost of Direct Mat. Used Direct Labor Costs Manufacturing OH costs Total Manufacturing costs Add: Beg. WIP 1/1/2019 Subtotal Less: End WIP 12/31/2013 INCOME STATEMENT For the Year Ended December 31, 2019 Sales Cost of Goods Sold Fin. Goods Inv. Dec. 31,2018 Cost of Goods Manufactured Goods available for sale Less. Fin, Goods Inv. 12/31/2019 Cost of Goods Sold Gross Margin Selling and Admin. Expenses Income from Operations Interest Expense Income before Income taxes Income Tax Expense Net Income **Cost of Goods Manufactured Total units produced Unit cost for units produced in 2019 "See Balance Sheet on 12/31/2018 CASH BUDGET For the Year Ended December 31, 2019 $39.000 Beginning Cash Balance Add Cash Receipts: Collections from customers Total cash available $94.000 $133.000 Cash Payments: Direct Materials (Cash paid) Direct Labor Manufacturing Overhead Selling and Administrative: Fixed Variable Capital Expenditures Income Taxes Total cash disbursements 1500 Excess (deficiency) of cash available over disbursements 131500 Cash balance before financing 131500 Financing Section Borrowings (at the beginning of quarters) Repayments at the beginning of quarters) Interest Ending Cash balance