What is the budgeted balance sheet? How to do it? Steps

Comprehensive Master Budget: ABC Costing, Operating & Financial Budgets Sipia is a well-known candyfloss maker in Western Australia and produces candyfloss in two sizes, i.e., regular and large. The company sells their products on several platforms such as stores, fairs, schools for fundraisers and in bulk on the internet. 2019 summer is approaching, and Sipia is preparing its budget for December. All Sipia's candyflosses are hand-made, mostly out of sugar, and attached to wooden sticks. Expected sales are based on past experience. Other information for December 2019 is as follows: Input prices Direct materials: Sugar $0.55 per kg Sticks $0.35 each Direct manufacturing labour $8 per direct manufacturing labour hour (DMLH) Input quantities per unit of output Regular Large Direct materials: Sugar 0.3 kg 0.55 kg Sticks 1 Direct manufacturing labour hour (DMLH) 0.2 hour 0.35 hour Set-up hours per batch 0.09 hour 0.10 hour Inventory data for direct materials' Sugar Sticks Beginning inventory 130 kg 375 Target ending inventory 250 kg 500 Cost of beginning inventory $65 $107 'Sipia accounts for direct materials using a FIFO cost flow assumption.Sales and inventory data for finished goods Regular Large Expected sales in units 3,100 2,000 Selling price $4 $5 Target ending inventory in units 310 180 Beginning inventory in units 210 150 Beginning inventory in dollars $510 $480 2 Sipia uses a FIFO cost flow assumption for finished goods inventory. All the candyfloss are made in batches of 10. Sipia incurs manufacturing overhead cost, and marketing and general administration costs, but customers pay for shipping. Other than manufacturing labour costs, monthly processing costs are very small. Sipia uses activity-based costing (ABC) and has classified all overhead costs for December 2019 as follows: Cost type Denominator activity Rate Manufacturing: Set-up Set-up hours $21 per set-up hour Processing Direct manufacturing labour hour $1.8 per DMLH (DMLH) Non-manufacturing: Marketing & general admin Sales revenue 10%Sipia Balance Sheet as of 30 November 2019 Assets Cash $2,000 Account receivable $4,800 Less: Allowance for bad debts 96 4,704 Inventories: Direct materials 172 Finished goods 990 Fixed assets $190,000 Less: Accumulated depreciation 55,759 134,241 Total assets $142,107 Liabilities and equity Account payable $696 Taxes payable 500 Interest payable 200 Long-term debt 20,000 Ordinary shares 10,000 Retained earnings 110,711 Total liabilities and equity $142.107