The Gavin Tire Company manufactures racing tires for bicycles. Gavin sells tires for $70 each. Gavin is planning for the next year by developing a master budget by quarters. Gavin's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) Data table Requirement 1. Prepare Gavin's operating budget and cash budget for 2025 by quarter. Required schedules and budgets include: sales budget and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are Begin by preparing the sales budget. Requirements 1. Prepare Gavin'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 Gavin's annual financial budget for 2025 , including budgeted income statement and budgeted balance sheet