Rally$$s Computers manufactures laptop computer stands which can be personalized after mass$-$production. The company is completing its fifth year of operations and is preparing its master budget for the coming year $(2024)$ based upon the following information:

a$.$ Fourth$-$quarter sales for $2023$ are $55,000$ units. Third quarter sales for $2023$ were $50,000$ units.

b$.$ Unit sales by quarter are projected as follows:

First quarter $202460,000$

Second quarter $202470,000$

Third quarter $202465,000$

Fourth quarter $202490,000$

First quarter $202580,000$

Second quarter $202570,000$

Each unit sells for $$95.$ Rally$$s Computers estimates that $50\%$ of sales will be collected in the quarter of sale. The company also estimates that $30\%$ will be collected in the quarter following the sale and that $20\%$ of each quarter$$s sale will be collected in the second quarter following the sale.

c$.$ Rally$$s tries to maintain at least $20\%$ of next quarter sales forecast in inventory.

d$.$ Each computer unit uses three hours of direct labor, two pieces of wood, and four cement moldings. Laborers are paid $$12\mathrm{.}50$ per hour, one piece of wood costs $$8,$ and cement moldings are $$1\mathrm{.}75$ each.

e$.$ At the end of each quarter, Rally$$s plans to have $20$ percent of the wood needs and $25$ percent of the molding needs for the next quarter$$s projected production needs.

f$.$ Rally$$s buys wood and cement moldings on account. Half of the purchases are paid for in the quarter of acquisition, and the remaining half are paid for in the following quarter. Wages and salaries are paid on the last day of each month.

g$.$ Fixed overhead totals $$900,000$ each quarter. Of this total, $$200,000$ represents depreciation. All other fixed expenses are paid for in cash in the quarter incurred.

h$.$ Variable overhead is budgeted at $$2$ per direct labor hour. All variable overhead expenses are paid for in the quarter incurred.

i$.$ Fixed selling and administrative expenses total $$250,000$ per quarter, including $$50,000$ depreciation.

j$.$ Variable selling and administrative expenses are budgeted at $$5$ per unit sold. All selling and administrative expenses are paid for in the quarter incurred.

k$.$ Rally will pay quarterly dividends of $$150,000.$

l$.$ At the end of the third quarter, a $$100,000$ bond payment will be made.

m$.$ During the fourth quarter a $$330,000$ piece of equipment is purchased with cash.

n$.$ At the end of the fourth quarter, taxes of $$75,000$ are due.

o$.$ Rally$$s beginning cash balance is $$300,000.$ Rally must maintain a minimum balance of $$250,000$ at quarter end. He borrows in multiples of $$5,000$ on the last day of the quarter. Interest of $5\%$ is due quarterly and is paid on the last day of the following quarter. Hint $$ interest rates are stated annually. $($Please only complete a cash budget and the budgets for Woods and moldings.$)$