The CFO of Sport Boating Inc. is preparing the 2024 budget for one of its products, Elite Row Boats. Sales: Extensive meetings with members of the sales department and executive team have resulted in the following unit sales projections for 2024. Each Elite Row Boat sells for $1,525. Production: Sport Boating's policy is to have finished goods ending inventory in a quarter equal to 20% of the next quarter's anticipated sales. Preliminary sales projections for 2025 are 1,100 units for the first quarter. Ending inventory of finished goods at December 31, 2023, will be 200 row boats. Direct Materials: Production of each row boat requires 54 pounds of polyethylene powder, which costs $3.50 per pound. Company policy is that the ending inventory of polyethylene powder should be 25% of the amount needed for production in the next quarter. Assume that the ending inventory of polyethylene powder on December 31,2023 will be 19,400 pounds and on December 31,2024 will be 15,930 pounds. Direct labour: Production of a single row boat requires a total of 5 hours as follows: - 2 hours of time by more experienced, type I employees @ \$15 per hour and - 3 hours of finishing time by type II employees@ $12 per hour. MOH: Manufacturing overhead is assigned at 150% of labor costs. S\&A: Selling and administrative expenses for this line are expected to be $45 per unit sold (variable) plus $7,500 per quarter (fixed). Cash Collections: All sales are on account. 85% of the Accounts Receivable are collected in the quarter of sale, and 15% of the Accounts Receivable are collected in the following quarter. Accounts receivable on December 31,2023 , is expected to be $625,000. Direct Materials - Disbursements: Payment for materials is made as follows: 60% is paid in the quarter of purchase and 40% is paid in the following quarter. Accounts Payable on December 31 , 2023 , is expected to be $83,750. Required: Prepare the following budgets by quarter for 2024: 1. Sales budget 2. Production budget 3. Direct materials budget 4. Direct labor budget 5. Manufacturing overhead budget 6. Selling and administrative budget 7. Cash Collections budget 8. Cash Disbursements budget (for direct materials) 4 Marks 8 Marks 8 Marks 8 Marks 4 Marks 4 Marks 8 Marks 8 Marks