Based on the Information provided on the charts below please provide the following information:

1. Ending finished goods inventory budget calculating the expected value of the finished goods inventory as of (36) June 30, 2021. *
2. Selling and administrative expense budget.
3. Cash budget.
4. Budgeted income statement for the year ended (36) June 30, 2021. *
5. Budgeted balance sheet for (36) June 30, 2021. *

Selling Budget Details:

During 2019-20 fiscal year, the average selling price for large box cars is expected to be (1) $115 per car. The Large Box Car Division forecasts the following units of sales. Quarter Box Car UNIT Sales (2-5) First 65,000 Second 70,000 Third 60,000 Fourth 65,000 The collection pattern for Accounts Receivable is as follows: (6) 50 percent of all sales are collected within the quarter in which they are sold (7) 50 percent of all sales are collected in the following quarter. There are no bad debts/uncollectible accounts. 0 O Due to high demand last year, the Large Box Car Division expects to have (8) zero finished box cars in inventory on (35) July 1, 2020, the beginning of the first quarter of the new fiscal year (i.e. Beginning Finished Goods Inventory is (8) Zero). To avoid having that problem in the coming fiscal year, the Large Box Car Division would like to have the ending inventory of Box Car at the end of each of the first three quarters equal to (9) 30% of the budgeted sales for the next quarter. They would like to have (10) 10,000 finished Box Cars on hand on (36) June 30, 2021. First Second Third Fourth Quarter Ending FG inventory of Box Cars as a % of the next quarter's budgeted sales (9) Ending FG inventory of Box Cars (10) 30% 30% 30% ? ? ? ? 10,000 Each large box car requires an average of (11) 5.0 feet of wood. The Large Box Car Division buys wood for (13) $4.00 per foot and they expect the price to remain constant throughout the year. They expect to have (12) 50,000 feet of wood (RAW MATERIALS) on hand as of July 1, 2019 (12) 50,000 * ((13) $4.00 = (14) $200,000 - This is beginning Direct Material Inventory), the beginning of the first quarter of the fiscal year. At the end of each of the first three quarters, the Large Box Car Division would like to have their direct materials inventory quantity to equal (15) 25 percent of the amount required for the following quarter's planned production. On (36) June 30, 2021, the end of the fiscal year, Large Box Car Division would like to have (16) 60,000 feet of wood on hand (This is ending Direct Material Inventory) First Second Third Fourth Quarter Ending DM inventory as a % of the next quarter's production requirement (15) Ending DM inventory in feet (16) 25% 25% 25% ? ? ? ? 60,000 The Large Box Car Division buys its wood on account. It pays for (17) 30% of its purchases of direct materials in the quarter in which they were purchased and (18) 70% in the quarter after they were purchased. Each large box car requires (19) 5 hours of direct labor. Employees engaged in direct labor will be paid an estimated (20) $11.00 per labor hour. Wages and salaries are paid on the 15th and 30th of each month. Variable manufacturing overhead is estimated to be (21) $3.75 per direct labor hour for the coming fiscal year. All variable manufacturing overhead expenses are paid for in the quarter incurred. Fixed manufacturing overhead is estimated to total (22) $120,000 each quarter, with (23) $40,000 out of the total amount of (22) $120,000 representing depreciation on machinery, equipment and the factory. All other fixed manufacturing overhead expenses are paid in cash in the quarter they occur. The fixed manufacturing overhead rate will be computed by dividing the year's total fixed manufacturing overhead by the year's budgeted direct labor hours. Round the fixed overhead rate to the nearest penny. Variable selling and administrative expenses are estimated to be (24) $12.00 per box car sold. Fixed selling and administrative expenses are expected to total (25) $95,000 each quarter, with (26) $30,000 out of the total amount of (25) $95,000 representing depreciation on the office space, furniture and equipment. Other than depreciation, all selling and administrative expenses are paid for in the quarter they occur. On (36) June 30, 2021 the Large Box Car Division plans to buy new machinery and equipment for (27) $1,000,000. The new machinery and equipment will be acquired at the very end of the fiscal year, so it will not be used in production and sales during the coming year and it will not be depreciated until the following year. The Large Box Car Division expects to pay (28) 30% down in cash and finance the remaining (29) 70% of the equipment cost with a note payable from a local bank with whom they do business with. No interest payable will accrue on the equipment note payable until after (33) June 30, 2021. The Division must maintain a minimum cash balance of (30) $100,000. If after accounting for cash receipts and disbursements (including dividends) in the cash budget, the budgeted cash available cash falls below (30) $100,000 in any quarter, the Division will need to borrow cash. They have arranged a line of credit allowing it to borrow in $10,000 increments (i.e. they can borrow $10,000 or $20,000 etc. but not an odd amount). Assume borrowing will take place at the beginning of any quarter in which the available cash would otherwise be below (30) $100,000 so that at no time during the quarter will the cash balance fall below (30) $100,000 (after payment of interest). If there is extra cash at the end of the quarter and there is borrowing outstanding, the division should pay down principal (also in increments of $10,000). The bank charges the Division interest at the rate of (31) 3% per quarter. Interest accrued in the quarter will be paid the first day of the next quarter (e.g. Qi's interest is not paid in cash until Q2 and Q2's Interest will be paid in Q3). As a fully owned subsidiary, the Large Box Car Division does not pay income taxes. All income taxes are charged to Tommy's Box Car's, the parent company. Large Box Car Division will pay dividends of (32) $75,000 each quarter to its corporate parent, Tommy's Box Car's. The dividends must be paid, even if the Large Box Car Division has to borrow on its line of credit to make the payment The budgeted balance sheet for the Large Box Car Division on (34) June 30, 2020 (which is the same as the budgeted balance sheet at the beginning of business (35) July 1, 2020) is presented below. Tommy's Box Cars owns 100% of the Capital Stock of the Large Box Car Division. LARGE BOX CAR DIVISION - TOMMY'S BOX CARS BUDGETED BALANCE SHEET (34) JUNE 30, 2020 ASSETS Cash Accounts Receivable Raw Material Inventory (14) Plant and Equipment $1,850,000 2,900,000 200,000 9,600,000 LIABILITIES & EQUITY Accounts Payable $850,000 Notes Payable 0 Capital Stock 3,500,000 Retained Earnings 10,200,000 TOTAL ASSETS $14.550.000 TOTAL LIAB. & SE $14.550.000 Tommy's Box Car Sales budget First Second Third Fourth Year Total 65000 70000 6000 65000 260000 $115.00 $115.00 $115.00 $115.00 $115.00 $74,75,000.00 $80,50,000.00 $69,56,000.00 $74,75,000.00 $2,99,00,000.00 Sales (units)=(A) Selling Price per unit=(B) Sales price =(A)*(B) Accounts Recieviable Sales of First ($7475000*50%),($7475000*50%) Sales of Second ($8050000*50%),($805000*50%) Sales of Third ($6900000*50%)($6500000*50%) Sales of Fourth ($7475000*50%),($7475000*50%) Tommy's Box Car Schedule of Expected cash collection First Second Third Fourth Year Total $29,00,000.00 $29,00,000.00 $37,37,500.0 $37,37,500.00 $74,75,000.00 $40,25,000.000 $40,25,000.00 $80,50,000.00 $34,50,000.00 $34,50,000.00 $69,00,000.00 $37,37,500.00 $37,37,300.00 Tommy's Box Car Production Budget First Second 65000 21000 85000 Column1 Expected Unit Sales=(A) Finished Goods Inventory=(B) Total Units Required= (C)=(A)+(B) Beginning Finished Goods Inventory =(0) Required Production units=(C)-(D) Third 70000 18000 14000 21000 Fourth Year 60000 63000 19500 10000 79500 75000 18000 19500 61500 55500 250000 10000 270000 0 0 80000 67000 270000 Finished goods Inventory Beginning goods Inventory First Second (70000*30%) (60000*30%) 0 (70000*30%) Third Fourth (65000*30%) 10000 (60000*30%) (65000*30%), Units to be produced =(A) Direct Material required per unit in feet=(B) Total Ibs required for production=(C)=(A)*(B) Ending Raw Material=(D) Total Raw Material Required=(E)=(C)+(D) Beginning Raw Material=(F) Direct Raw Material Purchase=(D)=(E)-(F) Cost per pound of raw materials cost of Direct Material purchase(G)* (H) Tommy's Box Car Direct Material Budget First Second Third Fourth Year 80000 67000 61500 55500 270000 5 5 5 5 5 430000 335000 307500 277500 1350000 83750 76875 69375 60000 60000 513750 411875 376875 337500 1410000 50000 55750 76875 69375 50000 463750 328125 300000 268125 1560000 $4.00 $4.00 $4.00 $4.00 $4.00 $18,55,000.00 $13,12,500.00 $12,00,000.00 $16,72,500.00 $54,40,000.00 Ending Raw Material Beginning Raw Material First Second Third Fourth (335000*25%) (307500*25%) (277500*25%) 60000 50000 (335000*25%) (307500*25%) (277500*25%) Column1 Accounts payable First ($185000*30%),($1855000*70%) Second($1312500*30%),($1312500*70%) Third($1200000*30%),($1072500*70%) Fourth($1072500*30%),($1072500*70%) Total Cash disbursement for materials Schedule of expected cash payment First Second Third Fourth $8,50,000.00 $5,56,500.00 $12,98,5000.00 $3,93,750.00 $9,18,750.00 $3,60,000.00 $8,40,000.00 $3,21,750.00 $14,06,500.00 $16,92,250.00 $12,78,750.00 $11,61,750.00 Units to be produced=(A) Direct labor per unit=(B). Direct labor hour needed(C)=(A)*(B) Direct Labor Cost per hour=(D) Cost of Direct Labor*(C)*(D) Tommy's Box Car Direct Labor Budget First Second Third Fourth Year 86000 67000 61500 55500 270000 5 5 5 5 5 430000 335000 307500 277500 1350000 $11.00 $11.00 $11.00 $11.00 $11.00 $47,30,000.00 $36,85,000.00 $33,82,500.00 $30,52,500.00 $1,48,50,000.00 Direct Labor Hours needed=(A) Variable Cost per unit of direct labor hours=(B) Varaiable manufacturing overhead=(C)=(A)*(B) Fixed Manufacturing Overhead(D) Total Manufacturing Overhead(E)=(C)+(D) Less:Depreciation=(F) Cash paid for manfacturing overhead=(E)-(F) Tommy's Box Car Manufacturing Overhead Budget First Second Third Fourth Year 430000 335000 307500 2777500 1250000 3.75 3.75 3.75 3.75 3.75 $16,12,500.00 $2,56,250.00 $11,53,125.00 $10,40,625.00 $50,62,500.00 $1,20,000.00 $1,20,000.00 $1,20,000.00 $1,20,000.00 $4,80,000.00 $17,32,500.00 $13,76,250.00 $12,72,125.00 $11,60,625.00 $55,42,500.00 $40,000.00 $40,000.00 $40,000.00 $40,000.00 $1,60,000.00 $16,92,500.00 $13,36,250.00 $12,33,125.00 $11,20,625.00 $53,82,500.00 During 2019-20 fiscal year, the average selling price for large box cars is expected to be (1) $115 per car. The Large Box Car Division forecasts the following units of sales. Quarter Box Car UNIT Sales (2-5) First 65,000 Second 70,000 Third 60,000 Fourth 65,000 The collection pattern for Accounts Receivable is as follows: (6) 50 percent of all sales are collected within the quarter in which they are sold (7) 50 percent of all sales are collected in the following quarter. There are no bad debts/uncollectible accounts. 0 O Due to high demand last year, the Large Box Car Division expects to have (8) zero finished box cars in inventory on (35) July 1, 2020, the beginning of the first quarter of the new fiscal year (i.e. Beginning Finished Goods Inventory is (8) Zero). To avoid having that problem in the coming fiscal year, the Large Box Car Division would like to have the ending inventory of Box Car at the end of each of the first three quarters equal to (9) 30% of the budgeted sales for the next quarter. They would like to have (10) 10,000 finished Box Cars on hand on (36) June 30, 2021. First Second Third Fourth Quarter Ending FG inventory of Box Cars as a % of the next quarter's budgeted sales (9) Ending FG inventory of Box Cars (10) 30% 30% 30% ? ? ? ? 10,000 Each large box car requires an average of (11) 5.0 feet of wood. The Large Box Car Division buys wood for (13) $4.00 per foot and they expect the price to remain constant throughout the year. They expect to have (12) 50,000 feet of wood (RAW MATERIALS) on hand as of July 1, 2019 (12) 50,000 * ((13) $4.00 = (14) $200,000 - This is beginning Direct Material Inventory), the beginning of the first quarter of the fiscal year. At the end of each of the first three quarters, the Large Box Car Division would like to have their direct materials inventory quantity to equal (15) 25 percent of the amount required for the following quarter's planned production. On (36) June 30, 2021, the end of the fiscal year, Large Box Car Division would like to have (16) 60,000 feet of wood on hand (This is ending Direct Material Inventory) First Second Third Fourth Quarter Ending DM inventory as a % of the next quarter's production requirement (15) Ending DM inventory in feet (16) 25% 25% 25% ? ? ? ? 60,000 The Large Box Car Division buys its wood on account. It pays for (17) 30% of its purchases of direct materials in the quarter in which they were purchased and (18) 70% in the quarter after they were purchased. Each large box car requires (19) 5 hours of direct labor. Employees engaged in direct labor will be paid an estimated (20) $11.00 per labor hour. Wages and salaries are paid on the 15th and 30th of each month. Variable manufacturing overhead is estimated to be (21) $3.75 per direct labor hour for the coming fiscal year. All variable manufacturing overhead expenses are paid for in the quarter incurred. Fixed manufacturing overhead is estimated to total (22) $120,000 each quarter, with (23) $40,000 out of the total amount of (22) $120,000 representing depreciation on machinery, equipment and the factory. All other fixed manufacturing overhead expenses are paid in cash in the quarter they occur. The fixed manufacturing overhead rate will be computed by dividing the year's total fixed manufacturing overhead by the year's budgeted direct labor hours. Round the fixed overhead rate to the nearest penny. Variable selling and administrative expenses are estimated to be (24) $12.00 per box car sold. Fixed selling and administrative expenses are expected to total (25) $95,000 each quarter, with (26) $30,000 out of the total amount of (25) $95,000 representing depreciation on the office space, furniture and equipment. Other than depreciation, all selling and administrative expenses are paid for in the quarter they occur. On (36) June 30, 2021 the Large Box Car Division plans to buy new machinery and equipment for (27) $1,000,000. The new machinery and equipment will be acquired at the very end of the fiscal year, so it will not be used in production and sales during the coming year and it will not be depreciated until the following year. The Large Box Car Division expects to pay (28) 30% down in cash and finance the remaining (29) 70% of the equipment cost with a note payable from a local bank with whom they do business with. No interest payable will accrue on the equipment note payable until after (33) June 30, 2021. The Division must maintain a minimum cash balance of (30) $100,000. If after accounting for cash receipts and disbursements (including dividends) in the cash budget, the budgeted cash available cash falls below (30) $100,000 in any quarter, the Division will need to borrow cash. They have arranged a line of credit allowing it to borrow in $10,000 increments (i.e. they can borrow $10,000 or $20,000 etc. but not an odd amount). Assume borrowing will take place at the beginning of any quarter in which the available cash would otherwise be below (30) $100,000 so that at no time during the quarter will the cash balance fall below (30) $100,000 (after payment of interest). If there is extra cash at the end of the quarter and there is borrowing outstanding, the division should pay down principal (also in increments of $10,000). The bank charges the Division interest at the rate of (31) 3% per quarter. Interest accrued in the quarter will be paid the first day of the next quarter (e.g. Qi's interest is not paid in cash until Q2 and Q2's Interest will be paid in Q3). As a fully owned subsidiary, the Large Box Car Division does not pay income taxes. All income taxes are charged to Tommy's Box Car's, the parent company. Large Box Car Division will pay dividends of (32) $75,000 each quarter to its corporate parent, Tommy's Box Car's. The dividends must be paid, even if the Large Box Car Division has to borrow on its line of credit to make the payment The budgeted balance sheet for the Large Box Car Division on (34) June 30, 2020 (which is the same as the budgeted balance sheet at the beginning of business (35) July 1, 2020) is presented below. Tommy's Box Cars owns 100% of the Capital Stock of the Large Box Car Division. LARGE BOX CAR DIVISION - TOMMY'S BOX CARS BUDGETED BALANCE SHEET (34) JUNE 30, 2020 ASSETS Cash Accounts Receivable Raw Material Inventory (14) Plant and Equipment $1,850,000 2,900,000 200,000 9,600,000 LIABILITIES & EQUITY Accounts Payable $850,000 Notes Payable 0 Capital Stock 3,500,000 Retained Earnings 10,200,000 TOTAL ASSETS $14.550.000 TOTAL LIAB. & SE $14.550.000 Tommy's Box Car Sales budget First Second Third Fourth Year Total 65000 70000 6000 65000 260000 $115.00 $115.00 $115.00 $115.00 $115.00 $74,75,000.00 $80,50,000.00 $69,56,000.00 $74,75,000.00 $2,99,00,000.00 Sales (units)=(A) Selling Price per unit=(B) Sales price =(A)*(B) Accounts Recieviable Sales of First ($7475000*50%),($7475000*50%) Sales of Second ($8050000*50%),($805000*50%) Sales of Third ($6900000*50%)($6500000*50%) Sales of Fourth ($7475000*50%),($7475000*50%) Tommy's Box Car Schedule of Expected cash collection First Second Third Fourth Year Total $29,00,000.00 $29,00,000.00 $37,37,500.0 $37,37,500.00 $74,75,000.00 $40,25,000.000 $40,25,000.00 $80,50,000.00 $34,50,000.00 $34,50,000.00 $69,00,000.00 $37,37,500.00 $37,37,300.00 Tommy's Box Car Production Budget First Second 65000 21000 85000 Column1 Expected Unit Sales=(A) Finished Goods Inventory=(B) Total Units Required= (C)=(A)+(B) Beginning Finished Goods Inventory =(0) Required Production units=(C)-(D) Third 70000 18000 14000 21000 Fourth Year 60000 63000 19500 10000 79500 75000 18000 19500 61500 55500 250000 10000 270000 0 0 80000 67000 270000 Finished goods Inventory Beginning goods Inventory First Second (70000*30%) (60000*30%) 0 (70000*30%) Third Fourth (65000*30%) 10000 (60000*30%) (65000*30%), Units to be produced =(A) Direct Material required per unit in feet=(B) Total Ibs required for production=(C)=(A)*(B) Ending Raw Material=(D) Total Raw Material Required=(E)=(C)+(D) Beginning Raw Material=(F) Direct Raw Material Purchase=(D)=(E)-(F) Cost per pound of raw materials cost of Direct Material purchase(G)* (H) Tommy's Box Car Direct Material Budget First Second Third Fourth Year 80000 67000 61500 55500 270000 5 5 5 5 5 430000 335000 307500 277500 1350000 83750 76875 69375 60000 60000 513750 411875 376875 337500 1410000 50000 55750 76875 69375 50000 463750 328125 300000 268125 1560000 $4.00 $4.00 $4.00 $4.00 $4.00 $18,55,000.00 $13,12,500.00 $12,00,000.00 $16,72,500.00 $54,40,000.00 Ending Raw Material Beginning Raw Material First Second Third Fourth (335000*25%) (307500*25%) (277500*25%) 60000 50000 (335000*25%) (307500*25%) (277500*25%) Column1 Accounts payable First ($185000*30%),($1855000*70%) Second($1312500*30%),($1312500*70%) Third($1200000*30%),($1072500*70%) Fourth($1072500*30%),($1072500*70%) Total Cash disbursement for materials Schedule of expected cash payment First Second Third Fourth $8,50,000.00 $5,56,500.00 $12,98,5000.00 $3,93,750.00 $9,18,750.00 $3,60,000.00 $8,40,000.00 $3,21,750.00 $14,06,500.00 $16,92,250.00 $12,78,750.00 $11,61,750.00 Units to be produced=(A) Direct labor per unit=(B). Direct labor hour needed(C)=(A)*(B) Direct Labor Cost per hour=(D) Cost of Direct Labor*(C)*(D) Tommy's Box Car Direct Labor Budget First Second Third Fourth Year 86000 67000 61500 55500 270000 5 5 5 5 5 430000 335000 307500 277500 1350000 $11.00 $11.00 $11.00 $11.00 $11.00 $47,30,000.00 $36,85,000.00 $33,82,500.00 $30,52,500.00 $1,48,50,000.00 Direct Labor Hours needed=(A) Variable Cost per unit of direct labor hours=(B) Varaiable manufacturing overhead=(C)=(A)*(B) Fixed Manufacturing Overhead(D) Total Manufacturing Overhead(E)=(C)+(D) Less:Depreciation=(F) Cash paid for manfacturing overhead=(E)-(F) Tommy's Box Car Manufacturing Overhead Budget First Second Third Fourth Year 430000 335000 307500 2777500 1250000 3.75 3.75 3.75 3.75 3.75 $16,12,500.00 $2,56,250.00 $11,53,125.00 $10,40,625.00 $50,62,500.00 $1,20,000.00 $1,20,000.00 $1,20,000.00 $1,20,000.00 $4,80,000.00 $17,32,500.00 $13,76,250.00 $12,72,125.00 $11,60,625.00 $55,42,500.00 $40,000.00 $40,000.00 $40,000.00 $40,000.00 $1,60,000.00 $16,92,500.00 $13,36,250.00 $12,33,125.00 $11,20,625.00 $53,82,500.00