You are a electric car manufactor. You need to create a budget for the first quarter of the current year. Assets Current Assets: Cash Total Assets Accounts Receivable Raw Material Inventory Finished Goods Inventory Total Current AsCars Property, Plant and Equipment: Equipment Less: Accumulated Depreciation Balance Sheet Year ending December 31, 2022 Liabilities Current Liabilities Accounts Payable Shareholders' Equity Common Stock, no par Retained Earnings Total Shareholders Equity Total Liabilities and Shareholders' Equity $ $ $ $ 159,200 The company uses FIFO inventory costing method. d. Direct materials cost is $1,000 per car 42,000 18,900 8,000 $ 200,000 $ (15,000) $ 185,000 $ 342,400 $ 200,000 $ 122,400 Manager $40/hrx8 Accountant $30/hr X 38 $ 157,400 Additional data for the first quarter of current year a) Upper Management has Car sales expectations as 50 Cars sold each quarter of 2023 b. Selling Price is calculating marking up each Car by 130% over total cost. c. Finished goods inventory on December 31, 2022 consisted of 20 units at a cost of $159,200, c. Upper managed expressed their desire a finished goods inventory of 50% of next quarters budgeted sales. $ 20,000 1520 11:40 1790 $ 322,400 $ 342,400 e. Upper management expressed its desire to have enough raw material on hand to complete 30% of next quarters budgeted sale. Assembly worker $15/hr X 38 g. Variable manufacturing overhead is estimated at $10 per car. [indirect materials are insignificant and not considered for budgeting purposes] f. Direct labor hours - As managers decide how long it will take for you to complete each Car (every minute equals 1 hour) Salary Cost: 38 3.800 h. The company applies fixed overhead based on direct labor hours. Fixed overhead includes quarterly utilities of $20,000, factory rent of $80,000 and equipment depreciation of $10,000. Round rate to 2 places after the decimal point. i. Fixed selling and administrative expenses include $18,000 per quarter for salaries; $3,000 per quarter for office rent; $1,800 per quarter for insurance; and $300 per quarter for furniture depreciation. j. Variable selling and administrative expenses also includes supplies at 3% of budgeted sales.

just want to double check my math see if the numbers are right and help on the last page. the actual time it took was 38 min per person ( 3 people ) and our estimated was 38 min total.

\begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{\begin{tabular}{l} Manufacturing Costs per Set \\ For the Quarter Ended March 2023 \end{tabular}} \\ \hline \multicolumn{2}{|l|}{ Direct Material Cost per set } \\ \hline \multicolumn{2}{|l|}{ Direct Labor Cost per set } \\ \hline \multicolumn{2}{|l|}{ Manufacturing Overhead per set } \\ \hline Total projected manufacturing cost per set & 4.810 \\ \hline & \\ \hline \multicolumn{2}{|l|}{ Total Sets Produced and Sold in Q1 2023} \\ \hline \multicolumn{2}{|l|}{ Total Projected Manufacturing cost per set } \\ \hline \multicolumn{2}{|l|}{ Total Cost of Units produced and Sold in Q1 2023} \\ \hline Total Cost of Beginning Inventory & 158,200 \\ \hline \multicolumn{2}{|l|}{ Total Cost of Units produced and Sold in Q1 2023} \\ \hline Total Budgeted Cost of Goods Sold & \( 1 \longdiv { 3 , 9 0 0 } \) \\ \hline \end{tabular} Time Ticket Ticket Number 600383 Date 1/1/23 Department Ircentw, kAnolen \begin{tabular}{|l|c|c|c|c|c|} \hline Time Started & Time Ended & Total Time (Mins) & \begin{tabular}{c} Total Time \\ (Seconds) \end{tabular} & Rate & \begin{tabular}{c} Total \\ Amount \end{tabular} \\ \hline 9:28 & 1(1):6 & 38 & 2 & & \\ \hline 10:07 & 10:45 & 38 & 1 & & \\ \hline 1:23 & 2:01 & 38 & 5 & & \\ \hline Total & 114 & 8 & & \\ \hline \end{tabular} - Assume you surpass sales expectations for the quarter by 10% Prepare your actual financials using the absorption costing method \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{\begin{tabular}{l} Sales Budget \\ For the Quarter Ended March 2023 \end{tabular}} \\ \hline \multicolumn{2}{|l|}{ Budgeted sets to be sold } \\ \hline Sales price per Set & 39 \\ \hline Total budgeted sales & 1950 \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{ Production Budget } \\ \hline \multicolumn{2}{|l|}{ For the Quarter Ended March 2023} \\ \hline Budgeted Sets to be sold & 50 \\ \hline Plus: Desired Sets in ending inventory & 25 \\ \hline Total Sets Required & 75 \\ \hline Less: Sets in beginning inventory & 20 \\ \hline Budgeted Sets to be produced & 55 \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{\begin{tabular}{l} Direct Labor Budget \\ For the Quarter Ended March 2023 \end{tabular}} \\ \hline Budgeted Sets to be produced & 55 \\ \hline Direct labor hours per Set & 38 \\ \hline Direct labor hours needed for production & 20.90 \\ \hline Direct labor cost per hour & 3,800 \\ \hline Budgeted direct labor cost & 79,420 \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{\begin{tabular}{l} Manufacturing Overhead Budget \\ For the Quarter Ended March 2023 \end{tabular}} \\ \hline Budgeted Sets to be produced & 55 \\ \hline Variable overhead cost per Set & 100 \\ \hline \begin{tabular}{|c|c|} & Budgeted variable overhead \\ \end{tabular} & 550 \\ \hline Budgeted fixed overhead & 200.000 \\ \hline Utilities & 2,0,000 \\ \hline Rent & 80,000 \\ \hline Depreciation & 10,000 \\ \hline Budgeted fixed overhead & 111,000 \\ \hline Total Budgeted manufacturing overhead costs & 111,550 \\ \hline Direct labor hours (from DL Budget) & 152,00 \\ \hline Predetermined overhead allocation rate & 75.99 \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{\begin{tabular}{l} Cost of Goods Sold Budget \\ For the Quarter Ended March 2023 \end{tabular}} \\ \hline Beginning Inventory (qty) & 159,200 \\ \hline Cost Per Set & 1,000 \\ \hline Total Cost of Beginning Inventory & \\ \hline Expected Units Sold Q1 2023 & 50 \\ \hline less beginning inventory & 20 \\ \hline Total Sets Produced and Sold in Q1 2023 & 30 \\ \hline & \\ \hline \end{tabular} You are a electric car manufactor, You need to create a budget for the first quarter of the current vear. Additional data for the first quarter of current year (a) Upper Management has Car sales expectations as 50 Cars sold each quarter of 2023 b. Selling Price is calculating marking up each Car by 130% over total cost. c. Finished goods inventory on December 31,2022 consisted of 20 units at a cost of $159,200 c. Upper managed expressed their desire a finished goods inventory of 50% of next quarters budgeted sales. The company uses FIFO inventory costing method. d. Direct materials cost is $1,000 per car e. Upper management expressed its desire to have enough raw material on hand to complete 30% of next quarters budgeted sale. [indirect materials are insignificant and not considered for budgeting purposes] f. Direct labor hours - As managers decide how long it will take for you to complete each Car (every minute equals 1 hour) Salary Cos B. Variable manufacturing overhead is estimated at.510 per car: h. The company applies fixed overhead based on ditect labor hours. Fixed overhead includes quarterly utilities of $20,000, factory rent of $0,000 and equipment depreciation of $10,000. Round rate to 2 places after the decimal point: 1. Fixed selling and administrative expenses include $18,000 per quarter for salaries; $3,000 per quarter for office rent; $1,800 per quarter for insurance; and $300 per quarter for furntire depreciation. 1. Variable selling and administrative expenses also includes supplies at 3 k of budgeted sales