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Data tabio Pequirements rard sells tires for $90 follows: More info (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024 .) a. Budgeted sales are 1,500 tires for the first quarter and expected to increaso by 200 tires por quarter. Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. b. Finished Goods Inventory on December 31, 2024 consists of 300 tires at $33 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected be 2,300 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31,2024 , consists of 600 pounds of rubber compound used to manufacture the tires. 0. Diroct materials requirements are two pounds of a rubbor compound per tire. The cost of the compound is $8.50 per pound. f. Desired ending Raw Materials inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025 is 600 pounds; indirect materials are insignificant and not considered for budgeting purposes. 9. Each tire requires 0.40 hours of direct labor; direct labor costs average $12 per hour. h. Variable manufacturing overhead is $4 per tire. i. Fixed manufacturing overthead includes $6,000 per quarter in depreciation and $16,770 per quarter for other costs, such as utilities, insurance, and property taxes. 1. Fixed selling and administrative expenses include $12,500 per quarter for salaries; $3,000 per quarter for rent; $450 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. L. Capital expenditures include $15,000 for new manulacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2024, Accounts Receivable is received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quartor: December 31, 2024, Accounts Payable is paid in the first quarter of 2025. 0. Direct labor, manufacturing overhead, and selling and administrative cosis are paid in the quarter incurred. p. Income tax expense is projected at $1,500 per quarter and is paid in the quarter incurred. q. Gerard desires to maintain a minimum cash balance of $55,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are avalable and in increments of $1,000; interest is 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Data table Reves the profuction ticufuet rou iresared ibsve
