Problem 21-6A (Part Level Submission) Krause Industries' balance sheet at December 31, 2016, is presented below. KRAUSE INDUSTRIES Balance Sheet December 31, 2016 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,500 units) $7,500 73,500 24,790 105,790 Total current assets Property, Plant, and Equipment $40,770 Equipment Less: Accumulated depreciation 10,800 29,970 $135,760 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable $26,810 46,390 73,200 Total liabilities Stockholders' Equity $36,940 25,620 Common stock Retained earnings 62,560 $135,760 Total stockholders' equity Total liabilities and stockholders' equity Budgeted data for the year 2017 include the following 2017 Quarter 4 Total Sales budget (8,000 units at $32) Direct materials used Direct labor Manufacturing overhead applied Selling and administrative expenses $76,800 $256,000 62,500 50,900 48,860 75,000 12,070 12,500 10,000 17,270