Review Homework: P7-41 2024, follows Question 1, PM7- The Grady Tire Company manufactures racing tires for bicycles. Grady sells tres for $80 each. Grady in planning for the next year by developing a master budget by quarters Grady's balance sheet for December 31 Click the icon to view the balance sheet) Requirement 1. Prepare Grady's operating budget and cash budget for 2025 by quarter Required schedules and on direct labor hours. Round all calculations to the nearest dollar Begin by preparing the sales budget. Grady Tire Company Sales Budget For the Year Ended December 31, 2025 Requirements 1. Prepare Grady's operating budget and cash budget for 2025 by quarter Required schedules and budgets include sales budget production budget direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget schedule of cash receipts, schedule of cash payments, and cash budget Manufacturing overhead costs are allocated based on direct labor hours Round all calculations to the nearest dollar 2. Prepare Grady's annual financial budget for 2025, including budgeted income statement and budgeted balance sheet First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted tires to be sold 1.600- 1.650 Sales price per unit $ 80 S 80 $ 1,700 00 $ 1,750 Total 6.700 $ Total sales 128,000 $132,000 $136.000 S 80 S 140,000 $536,000 80 Prepare the production budget. Beview the sales budget vou prepared abo Grady Tire Company Production Budget For the Year Ended December 31, 2025 First Second Print Done Accounts Receivable 25.000 Raw Materials Inventory 4.200 Finished Goods Inventory Total Current Assets 10/200 $ 87,400 Third Fourth Property Plant, and Equipment