To demonstrate your understanding of the master budget and all of the supporting budgets, use the data set provided below to complete a comprehensive budget problem for the MORRISSEY Company. Submit the finished document to your instructor through this Canvas assignment link. You must prepare the assignment in Excel using the template provided (located in Module 10, Assignment Overview). You must use formulas and link the budgets wherever possible, as indicated below in the grading criteria. Data Set MORRISSEY Company is preparing its master budget for the first quarter of the upcoming year. The following data pertain to MORRISSEY Company's operations: Relevant Account Balances as of December 31 (prior year): Cash - $6,000 Accounts Receivable, net - $57,000 Inventory - $13,000 Accounts Payable - $22,000 . Sales & Collections Production & Materials Conversion Costs Operating Exp Cash Data Income Stmt Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. Each unit requires .03 direct labor hours. The direct labor wage rate is $13 per hour. All direct labor is paid for in the month in which the work is performed Monthly manufacturing overhead costs are $6,500 for factory rent, $2,100 for other fixed manufacturing expenses, and $1.40 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid for in the month in which they are incurred. To demonstrate your understanding of the master budget and all of the supporting budgets, use the data set provided below to complete a comprehensive budget problem for the MORRISSEY Company. Submit the finished document to your instructor through this Canvas assignment link. You must prepare the assignment in Excel using the template provided (located in Module 10, Assignment Overview). You must use formulas and link the budgets wherever possible, as indicated below in the zgrading criteria. Data Set MORRISSEY Company is preparing its master budget for the first quarter of the upcoming year. The following data pertain to MORRISSEY Company's operations: Relevant Account Balances as of December 31 (prior year): Cash - $6,000 Accounts Receivable, net - $57,000 Inventory - $13,000 Accounts Payable - $22,000 Sales & Collections Production & Materials Conversion Costs Operating Exp Cash Data Income Stmt Operating expenses are budgeted to be $1.20 per unit sold plus fixed operating expenses of $1,400 per month. All operating expenses are paid in the month in which they are incurred. To demonstrate your understanding of the master budget and all of the supporting budgets, use the data set provided below to complete a comprehensive budget problem for the MORRISSEY Company. Submit the finished document to your instructor through this Canvas assignment link. You must prepare the assignment in Excel using the template provided (located in Module 10, Assignment Overview). You must use formulas and link the budgets wherever possible, as indicated below in the grading criteria. Data Set MORRISSEY Company is preparing its master budget for the first quarter of the upcoming year. The following data pertain to MORRISSEY Company's operations: Relevant Account Balances as of December 31 (prior year): . Cash - $6,000 Accounts Receivable, net - $57,000 Inventory - $13,000 Accounts Payable - $22,000 Sales & Collections Production & Materials Conversion Costs Operating Exp Cash Data Income Stmt Computer equipment for the administrative offices will be purchased in the upcoming quarter. In January, MORRISSEY Company will purchase equipment for $15,000 (cash), while February's cash expenditures will be $6,000, and March's cash expenditure will be $4,000. MORRISSEY Company has a policy that the ending cash balance in each month must be at least $4,400. It has a line of credit with a local bank. The company can borrow in increments of $1,000 at the beginning of each month, up to a total outstanding loan balance of $100,000. The interest rate on these loans is 1.5% per month simple interest (not compounded). The company would pay down on the line of credit balance in increments of $1,000 if it has excess funds at the end of the quarter. The company would also pay the accumulated interest at the end of the quarter on the funds borrowed during the quarter. Finally, the company pays $10,800 cash at the end of February in estimated taxes. To demonstrate your understanding of the master budget and all of the supporting budgets, use the data set provided below to complete a comprehensive budget problem for the MORRISSEY Company. Submit the finished document to your instructor through this Canvas assignment link. You must prepare the assignment in Excel using the template provided (located in Module 10, Assignment Overview). You must use formulas and link the budgets wherever possible, as indicated below in the grading criteria. Data Set MORRISSEY Company is preparing its master budget for the first quarter of the upcoming year. The following data pertain to MORRISSEY Company's operations: Relevant Account Balances as of December 31 (prior year): Cash - $6,000 Accounts Receivable, net - $57,000 Inventory - $13,000 Accounts Payable - $22,000 . Sales & Collections Production & Materials Conversion Costs Operating Exp Cash Data Income Stmt Most of the labor at the manufacturing facility is indirect, but there is some direct labor incurred. Each unit requires .03 direct labor hours. The direct labor wage rate is $13 per hour. All direct labor is paid for in the month in which the work is performed Monthly manufacturing overhead costs are $6,500 for factory rent, $2,100 for other fixed manufacturing expenses, and $1.40 per unit for variable manufacturing overhead. No depreciation is included in these figures. All expenses are paid for in the month in which they are incurred