XYZ Company Three-Month Master Budget XYZ Company Balance Sheet, December 31 \begin{tabular}{|c|c|c|} \hline Cash & & $41,700 \\ \hline Accounts receivable & & 192,000 \\ \hline Raw materials & & 102,240 \\ \hline Finished goods & & 64,400 \\ \hline Land & & 50,000 \\ \hline Plant and equipment & $500,000 & \\ \hline Less: accumulated depreciation & 112,000 & 388,000 \\ \hline Total assets & & $838,340 \\ \hline Accounts payable to suppliers & & $340,000 \\ \hline Common Stock & $100,000 & \\ \hline Retained Earnings & 398,340 & 498,340 \\ \hline Total liabilities and equity & & $838,340 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline A & B & C & D \\ \hline Total liabilities and equity & & & $838,340 \\ \hline & & & \\ \hline \multicolumn{4}{|l|}{ Information: } \\ \hline \multicolumn{4}{|l|}{ Estimated sales in units of Product X } \\ \hline January & & 7,000 & \\ \hline February & & 8,000 & \\ \hline March & & 11,000 & \\ \hline April & & 8,000 & \\ \hline May & & 7,000 & \\ \hline Selling price & & $110 & \\ \hline \multicolumn{4}{|l|}{ Collections from customers } \\ \hline Collect in month of sale & & 55% & \\ \hline Collect the following month & & 40% & \\ \hline & & & \\ \hline \multicolumn{4}{|l|}{ Desired FG inventory } \\ \hline (\% of next month's unit sales) & & 20% & \\ \hline \multicolumn{4}{|l|}{ Desired raw material inventory } \\ \hline ( % of next month's production needs) & & 25% & 28 \\ \hline \end{tabular} Raw material units needed to produce one final product \begin{tabular}{|c|c|c|} \hline M1 & 8 & \\ \hline \multicolumn{3}{|l|}{ Bl units \& cost } \\ \hline Product X & 1,400 & \\ \hline M-1 & 14,400 & $7.00 \\ \hline \multicolumn{3}{|l|}{ Purchases } \\ \hline Paid in month of purchase & 100% & \\ \hline Direct labor time to produce one Product X & 0.5h & hours \\ \hline Cost of direct labor & $24p & per hour \\ \hline Factory overhead & $12p & per direct labor hr. \\ \hline \multirow[t]{2}{*}{ Selling and administrative expenses } & $10,000f & fixed \\ \hline & 15%v & variable \\ \hline Plant and equipment depreciation & $12,000 & per year \\ \hline \end{tabular} Create the requisite budgets listed below for Jan, Feb, March 56 Create the requisite budgets listed below for Jan, Feb, March 57 58 Sales \& Production 59 Material Purchase 60 Direct Labor \& FOH 61 S \& A 62 Cash 63 64 Create a new tab for each as listed above 65 Link and use formulas 66 67 68 69 70 71 72