Required:

1. Prepare a Selling and administrative budget. (Round off variable cost to 2 decimal places and fixed cost to the nearest whole number). Show regression computation.

2. Manufacture overhead budget

Partraiet Volimited Comsasy Budgetize Proinet lan Jetmiags, president of Tortraits Lalimised Coenpany. Was just eanchading a badget meeting with his seakor maff. It was Novemker of 2022 and the gnoup was diseusainp preparation of the firm's master budgot for 2023. "F've docidod oo go alkat and purchase the and I expect it will take mest of the year so train the perecest and rearganise the pouduction poeces \&o take full advantage of tha now sqquipmant." "The robot will ses 3250,000 . Thare will also be an additional 350,050 in aseilary squepmezn and Trust Compuiny an January 2. I'vo nezoeiated a ropaymant vehoshle of tox oqual installimens en the last day of each quaster. The interest rast will be 10 percent per anmum an inches). The primary tan meterials are flecible metal strips axd 9-izch by 24-inct glass wheets. for narmal becakase and scrap glavs, the enmpany cain Het cithet foce S tortaits af two L. in cost and are trealed as ixtireet maktials. Jane Williams, Toctraits Unlimised"s cectroller is in 1. Sales ia the fourth quater of 2022 are evpecsed to be 50.000S (hetiraits and 40.0001. Poriraits. Tix sales mantager prediets that ener the ix'xt tmo years, sales in cacts pouduet liak will grow by 5.000 units cuca cquater byer the previous quarter. For example, S Paitraits sales in first quarter of 2023 are especied to be 55.000 terits. 2. Porinaits Lalimited Coepuny ales histery indieaks thit 60 pereent af all sales are 00 crelit, wath the remaindar of the salos in cash. The sempany's collectien axperienes shows that 80 pereent af the credat sales are collected during the cquaries in which the sake is made, wasile the remaining 20 pereet is cotlected in the fothwing quater. 3. The 5 Rortait wells for 510 , and the L. Poctrail sells for 515 . Tixese prices aed expected to halk soustant therophiout 2021. 4. The problation manager attempis to end cuch guater with enough finidied goods inventory in eich peodues line to cower 20 percant of the following quazter's calos. for the follersing aster's prodestion. Aswame ail ending iaveniary of plass lieets af 10.400 for the fourth quarter of 2011. Metal drips are purthised locally, the exmpacy berys them oe a jurvin-time busis, inveanory is mo cligitile. The opering invexory for quarter 4, 2022 for both finished goods and raw traterials can be foumd by delezmizing the devired endize inventery for casifier 3,2032 baved ce the iaventery priseiple provided. 5. Nll dircet-material purchaves are make sa acenuit, and 80 percont of agch equater" Prechases are puid in cash during the same quater as the purchase. The other 20 percent is puid ia the mext quacter. 6. Indirect insterials are perehased with ead as needed. Work-in-poeces is nepligible. 7. The following mamufacturing avethed covis ace bodgeted for 2023 . 8. Projected maxalicturieg eosts in 2023 are as follows: 9. Tax following felates io past selliag and atmimistrative expenses. (Use regressice amalysis to derive a cost frextice and use this eost function to estimste the olling axd admiaistrative casth. 10. Jackvon anticiputes that dividend of $0,0001 will be declared and paid in eash each quarter. 11. Fortaits Uwimited Cceruny projected balanee sheet as of December 31, 2022, follows: Partraiet Volimited Comsasy Budgetize Proinet lan Jetmiags, president of Tortraits Lalimised Coenpany. Was just eanchading a badget meeting with his seakor maff. It was Novemker of 2022 and the gnoup was diseusainp preparation of the firm's master budgot for 2023. "F've docidod oo go alkat and purchase the and I expect it will take mest of the year so train the perecest and rearganise the pouduction poeces \&o take full advantage of tha now sqquipmant." "The robot will ses 3250,000 . Thare will also be an additional 350,050 in aseilary squepmezn and Trust Compuiny an January 2. I'vo nezoeiated a ropaymant vehoshle of tox oqual installimens en the last day of each quaster. The interest rast will be 10 percent per anmum an inches). The primary tan meterials are flecible metal strips axd 9-izch by 24-inct glass wheets. for narmal becakase and scrap glavs, the enmpany cain Het cithet foce S tortaits af two L. in cost and are trealed as ixtireet maktials. Jane Williams, Toctraits Unlimised"s cectroller is in 1. Sales ia the fourth quater of 2022 are evpecsed to be 50.000S (hetiraits and 40.0001. Poriraits. Tix sales mantager prediets that ener the ix'xt tmo years, sales in cacts pouduet liak will grow by 5.000 units cuca cquater byer the previous quarter. For example, S Paitraits sales in first quarter of 2023 are especied to be 55.000 terits. 2. Porinaits Lalimited Coepuny ales histery indieaks thit 60 pereent af all sales are 00 crelit, wath the remaindar of the salos in cash. The sempany's collectien axperienes shows that 80 pereent af the credat sales are collected during the cquaries in which the sake is made, wasile the remaining 20 pereet is cotlected in the fothwing quater. 3. The 5 Rortait wells for 510 , and the L. Poctrail sells for 515 . Tixese prices aed expected to halk soustant therophiout 2021. 4. The problation manager attempis to end cuch guater with enough finidied goods inventory in eich peodues line to cower 20 percant of the following quazter's calos. for the follersing aster's prodestion. Aswame ail ending iaveniary of plass lieets af 10.400 for the fourth quarter of 2011. Metal drips are purthised locally, the exmpacy berys them oe a jurvin-time busis, inveanory is mo cligitile. The opering invexory for quarter 4, 2022 for both finished goods and raw traterials can be foumd by delezmizing the devired endize inventery for casifier 3,2032 baved ce the iaventery priseiple provided. 5. Nll dircet-material purchaves are make sa acenuit, and 80 percont of agch equater" Prechases are puid in cash during the same quater as the purchase. The other 20 percent is puid ia the mext quacter. 6. Indirect insterials are perehased with ead as needed. Work-in-poeces is nepligible. 7. The following mamufacturing avethed covis ace bodgeted for 2023 . 8. Projected maxalicturieg eosts in 2023 are as follows: 9. Tax following felates io past selliag and atmimistrative expenses. (Use regressice amalysis to derive a cost frextice and use this eost function to estimste the olling axd admiaistrative casth. 10. Jackvon anticiputes that dividend of $0,0001 will be declared and paid in eash each quarter. 11. Fortaits Uwimited Cceruny projected balanee sheet as of December 31, 2022, follows