Required:

Prepare Portraits Unlimited Company master budget for each quarter of 2023 and in total for the year by completing the following budgets and schedules:

A.Direct-material budget (prepare 4th " quarter of 2022 as well).

B. Schedule of cash disbursement to suppliers for direct material.

its clear

7. The follosing marufacturing evehead casts are budgeted fot 2023 . las Jonnings, president of Portraits Unl mined Coopuny, was just cencluding a bodzet mestife with his seniof staff, it was Noweraber af 2022, and the govep was discuseing preparation of the firm's master budget for 2023 . Fve decifed oo go ahesd and purchase the induserial eobor we've bect talking about. We'tl make the acquisition ee lamary 3 of noxt yeur, 8. Projected manufacturing costs in 2023 axe as follows: and I evect it will take mast of the year ta trais the persannel axd nerganize the joodection process to take fall advantage of the berw equajpacti, " In repponse wo a qaestion abcut finasciey the acqusition, Jennings replied as follows: "The robot will cost $250.000. There will also be an additional $50,000 is arcillary equipment and Trast Conenany un lanuary 2. I've acpatiated a tepan thene ichedile of fore cqual instalinterts et the last day of ench quarser. The interest eate well be 19 percent pet artam on the redacing balance bais, and interest payments will be quarterly as well. " With that the mecting bock co, and the budget prosess uas on. Pectraits Uniemed Coenpany ia a mamufacturet of metal pocture Portraies. The fiete's two product tines are desigrated as S (snsul Portraiss; 57 inches) and L. (large Poreants, k10 inches). The primayy raw makvisia are fexcble metal atrigs and 9 -inch by 24 -insh glase shect. lor tiermal brakage and sirap zless, the coenpany cat get either livar 5 Pcetraits of tav L is cost and ane treafed a indirect macerials. Jane Williares, forriaits tintimited s controller is in 9. The following telates to past sclling and admainistrative expenics. ( Use reerexsion analysis to charge of proparing the maser budget for 2023 . Sle has gathered the following information: derive a cost function and tae this cost function to estimate the selling and administative 1. Salex in the fourth paater of 2002 as expected to be 50,0005 Pcetraits and 40,0001 L Poetraits. The sales masaper prodicts flut over the next tue yean, sales in esch product lise will grow by 5,000 units each quarter orer the previous quarter. For example, $ Portraits sales in first quarter of 2023 are espoctod te be 55,003 units. 2. Roctraits Uelimised Company sales bistory iedicates that 60 gercent of all sales are on credit. with the remainder of the sales in cash. The company's collection expericnce sbows that 10 remaining 20 perecut is collected in the following quarier. 3. The 5 Portrant sells for $10, and the L. Portrait sells foe $15. These prices ate experaed io hoid constant throughcut 2023 . 10. Jackson anticipates that dividend of 550,000) will be declared and paid in cash each quarter. in cucht pruduct line bo wover 20 ferecte of the following quartet's ales. Moremer, at atherupt is nade to cnd each quater wilh 20 percent of the glass stects needed 11. Portraits Unikited Compaey projected balanoe sheet us of December 31 , 2022, follons: for the following quarier's producticn. Assume an enting invetury of glass shcets of 10,400 for the fourth quarier of 2023 is nestryithi The opening inverhty for equtter 4, 2002 for leoh fitished poods and raw itsalertals can be found by deternining the decired ending invertory for quarter 3,2022 based ee the imvensey primciple pronided. purchases are paid et cash duning the siene quater as ise piechase. The other 20 percert is paid in the noct quarted: 6. Indirect marerials are parchased with cash as needed. Work-is-precess is naplighble