Score: 56. OT TO0 OtS (%) Comp24-1 (similar to) Questi The Trenton Toy Company manufactures toy building blocks EEB (Click the icon to view the balance sheet.) Other budget data for Trenton Toy Company: (Click the icon to view the other data.) Read the requirements s balance sheet for December 31, 2018, foll Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory $ 25,000 25,000 400 3,500 Prepare the selling and administrative expense budget. Total Current Assets 53,900 Property, Plant, and Equipment: Trenton Selling and Admin For the Year En Equipment 206,000 (42,000) 164,000 Less: Accumulated Depreciation 217,900 Total Assets Qua Liabilities Salaries Expense Rent Expense Insurance Expense Depreciation Expense Supplies Expense Total budgeted selling and administrative expense Current Liabilities Accounts Payable 17,000 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity $100,000 100,900 200,900 $ 217,900 Choose from any list or enter any number in the input fiel Comp24-1 (similar to) Question Help More Info The Trenton Toy Company manufactures toy b EEB (Click the icon to view the balance sheet.) Other budget data for Trenton Toy Company: (Click the icon to view the other data.) eet for December 31, 2018, follows (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,500 sets for the first quarter and expected to increase by 150 sets per quarter, Cash Read the requirements. sales are expected to be 30% of total sales, with the remaining 70% of sales on account. Sets are budgeted to sell for $90 per set. Finished Goods Inventory on December 31, 2018, consists of 100 sets at $35 each. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2020 are expected to be 2,100 sets. FIFO inventory costing method is used Raw Materials Inventory on December 31, 2018, consists of 400 pounds. Direct materials requirement is 4 pounds per set. The cost is $1 per pound. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019, is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes Each set requires 0.20 hours of direct labor; direct labor costs average $8 per hour Variable manufacturing overhead is $1.60 per set. Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $1,958 per quarter for other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $4,200 per quarter for rent; $1,950 per quarter for insurance; and $1,500 per quarter for depreciation Variable selling and administrative expenses include supplies at 3% of sales Capital expenditures include $30,000 for new manufacturing equipment, to be purchased and paid for in the first quarter Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the Prepare the selling and administrative expense b. c. d. Sellin e. f. g. h. Salaries Expense Rent Expense Insurance Expense Depreciation Expense Supplies Expense Total budgeted selling and administrative ex i. j. k. l. s Recaivable halance on December 31 2018 is exnected to be received in the first a Choose from any list or enter any number in Print Done parts %) Comp24-1 (similar to) Question Help The Trenton Toy Company manufactures toy building block sets for children. Trenton is planning for 2019 by developing a master budget by quarters. Trenton's balance sheet for December 31 2018, follows: EEB (Click the icon to view the balance s Other budget data for Trenton Toy Com Sales Budget (Click the icon to view the other dat Read the requirements Prepare the Trenton Toy Company Sales Budget For the Year Ended December 31, 2019 Second Quarter selling and administrative e et you pre First Third Fourth Quarter Quarter Quarter Total 1,950 6,900 90 148,500S 162.000 $ 175,500 S 621,000 1.800 Budgeted sets to be sold Sales price per unit Total sales 1.500 1.650 90 S 90 S 90 $ 90 S $135,000 Salaries Expense Rent Expense Print Done Choose from any list or enter any num The Trenton Toy Company manufactures toy building block sets for children. Trenton is planning for 2019 by developing a master budget by quarters. Trenton's balance sheet for December 31, 2018, follows: EEB (Click the icon to view the balance sheet.) Other budget data for Trenton Toy Company: (Click the icon to view the other data.) Read the requirements. Prepare the selling and administrative expense budget. Trenton Toy Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Salaries Expense Rent Expense Insurance Expense Depreciation Expense Supplies Expense Total budgeted selling and administrative expense 12,000 4200 1950 1500 12,000 4200 1950 1500 12,000 4200 1950 1500 12,000 4200 1950 1500 48,000 16,800 7,800 6,000