What are the Budget Assumptions for 2021 for Flyin' Fox ice blox?

Addition information is attached.

Using the information provided, prepare a master budget for Flyin' Fox Ice Blox for the twelvemonth period from January 2021 to December 2021. Include the following: 1. A sales budget, including a schedule of expected cash collections 2. A production budget 3. A direct materials budget, including a schedule of expected cash disbursements for purchases of materials 4. A direct labour budget 5. A manufacturing overhead budget 6. An ending finished goods inventory budget 7. A selling and administrative expense budget 8. A cash budget Monthly Revenue Budget 9. A budgeted Income Statement 10. A budgeted Balance Sheet

You are an accountant working for a local accounting firm based in Ballina. You have been assigned a new client, Ice Blox!, the company behind Flyin' Fox ice blox (a boutique, family owned ethical business who hand craft award winning ice blox's in Murwillumbah). JUICE JUICE (NO ADDED SUGAR) MILK ORGANIC ORGANIC ORGANIC STRAWBERRY POMEGRANATE COCONUT & LEMON & BLUEBERRY WITH MILK ORGANIC ORGANIC ORGANIC LIME & MINT ORANGE CHOCOLATE WITH MANGO MILK Benna and her husband John launched their ice blocks back in 2009. Originally from the UK, they were in awe of the top quality fruit available here in Australia and identified a gap in the market for a range of quality ice blocks. At the forefront of the small batch, artisan ice block movement Flyin' Fox ice blox have reinterpreted the Australian ice block tradition. They have requested for you to prepare a master budget for Flyin' Fox ice blox for 2021 which allows them to plan, work through "what if" scenarios and help them to make informed decisions to ensure their business continues to operate successfully into the future, particularly considering the impact of COVID-19 on the Australian economic circumstances in 2020.The following information has been gathered about their business: " Operations: Flyin' Fox ice blox operate on a calender-year basis. The business runs out of owned premises in Mullumbimby. Their sales team have provided the expected quarterly sales per carton of ice block. Each carton has 20 ice blocks. Plant and Equipment: Depreciation on the Plant and equipment totals $10,000 per quarter Cash collections: The company expects to collect 80% of its credit sales in the quarter of sale and the remaining 20% of credit sales will be collected in the quarter after sales. The company's bad debts are negligible. Payments: The company plans to pay for 50% of its material purchases within the quarter of purchase and the remaining 50% in the following quarter. Ignore GST and Income Tax. All of the budget assumptions have been provided to you in a budget template ready for you to use to prepare the Master Budgets. Please find these budget assumptions in the Flyin Fox Ice Blox Master Budget 2021.xls file in the Major assignment folder on Black Board. Below are some screenshots of these assumptions.Budget Assumptions ice BOX Balance Sheet, December 31, 2020 Current Assets Cash 22,500.00 Accounts Receivable 50,000.00 Raw materials inventory (21 000 kg) 4 200.00 Finished Goods inventory (2 000 cartons) 26,000.00 Total Current Assets $ 102,700.00 Plant and Equipment Land 80,000.00 Buildings $ 700,000.00 Accumulated Depreciation ($292,000.00) Plant and Equipment, Net $ 488,000.00 $ 590,700.00 Total Assets Current Liabilities Accounts payable 25,800.00 Retained Earnings 5 564,900.00 Total Liabilities $ 590,700.00X Budget Assumptions ICE VOX All 4 Quarters Quarters Sales Budget 1 4 Budgeted sales in cartons 10,000 8,000 5.000 9.000 Selling price per carton 65.00 Percentage of sales collected in the quarter of sale Percentage of sales collected in the quarter after sale 20% Production Budget Percentage of next quarters sales in ending finished goods inventory Direct Materials Budget Kilos of fruit per carton 15 Cost per Kilo of fruit 1.20 Percentage of next quarter's production needs in ending inventory 15% Percentage of purchases paid in the quarter purchased Percentage of purchases paid in the quarter after purchase 50% Direct Labour Budget Direct labour-hours required per carton 0.8 Direct labour cost her hour 25.84 Manufacturing Overhead Budget Variable manufacturing overhead per direct labour-hour 4.00 Fixed manufacturing overhead per quarter 60,600100 Depreciation per quarter 13.000.00 Selling and Administrative Expense Budget Variable selling and administrative expense per carton 180 Fixed selling and administrative expense per quarter: Advertising 20,000 00 Owners Salaries 50.000.00 Insurance 10.000.00 Property Tox 4.000.00 Depreciation 10,000.00 Cath Budget Minimum cash balance 30,000.00 Equipment purchases $ 10,000.00 $ 2,500.00 $ 5,000.00 $ 5,000.00 Interest rate per quarter (simple interest only not compound)REQUIRED: PART ONE: Prepare a Master Budget (15 marks weighted 50% of assignment total) Using the information provided, prepare a master budget for Flyin' Fox Ice Blox for the twelve- month period from January 2021 to December 2021. Include the following: 1. A sales budget, including a schedule of expected cash collections 2. A production budget 3. A direct materials budget, including a schedule of expected cash disbursements for purchases of materials 4. A direct labour budget 5. A manufacturing overhead budget 6. An ending finished goods inventory budget 7. A selling and administrative expense budget 8. A cash budget Monthly Revenue Budget 9. A budgeted Income Statement 10. A budgeted Balance Sheet Your budget spreadsheet must be submitted in Excel Format (not as an appendix in your WORD document). The first worksheet should contain the budget assumptions. All future worksheets need to be linked to this data. Show all calculations and use Excel functions where possible. While you should use examples in your text as a guide, the key to using spreadsheets is that they are structured so that others can use them and follow the flow of information without difficulty