Based on the information you have gathered you also make the following assumptions:Because of past financial trouble in the division, all expenses must be paid in cash. No sales are made on account $($all sales are cash sales$).$ Information for the $2024$ budget is as follows: o The budgeted unit input quantities for materials used in $2023$ will also be used in the $2024$ budget.For the entry$-$level bat the budgeted unit input quantities for labor and MOH $($direct manufacturing labor$-$ hours and machine setup labor hours$)$ used in $2023$ will also be used in the $2024$ budget, For the pro$-$series bat the budgeted unit input quantity for direct manufacturing labor will be $2\mathrm{.}4$ hours$/$unit$.$ The budgeted unit input quantity for setup labor hours used in $2023$ will also be used in the $2024$ budget o The cost of Ash and Maple are budgeted to increase by $12\%$ in $2024$ over $2023$ actual costs. o Budgeted labor rates in $2024$ are expected to increase by $6\%$ over actual rates in $2023.$Calculate $2024$ budgeted variable moh rates and total fixed moh from $2023$ actual monthly cost and activity data. Use Regression Analysis to determine estimates for variable and monthly fixed costs. Convert monthly estimates of fixed costs into annual costs. Assume non$-$cash MOH item amounts remain unchanged from budgeted $2023$ data. Production and sales forecasts are within the relevant range. o Budgeted variable period costs per unit and fixed costs in total for $2024$ are assumed to be the same as actual period costs in $2023.$ A $6\%$ increase in selling price for $2024$ is expected for the entry$-$level bats and a $10\%$ increase for the pro$-$series bats, over the actual $2023$ prices. Normal costing is used. There are two cost drivers for manufacturing overhead costs $-$ direct manufacturing labor$-$hours and setup labor$-$hours. Direct manufacturing labor$-$hours is the cost driver for the variable portion of manufacturing operations overhead. Direct manufacturing labor$-$hours is also used to allocate the fixed portion of manufacturing operations overhead. $$ Setup labor$-$hours is the cost driver for the variable portion of machine setup overhead. Setup labor$-$ hours is also used to allocate the fixed portion of machine setup overhead. $$ Projected sales for the entry$-$level Bat are $70,000$ in $2024,68,000$ in $2025,$ and $65,000$ in $2026.$ Projected sales for the pro$-$series Bat are $14,000$ in $2024,16,000$ in $2025,$ and $18,000$ in $2026.$ Sales commission is paid as a rate per bat sold. $2024$ input cost and quantity standards for direct materials, direct manufacturing labor and manufacturing overhead are the same as $2024$ budgeted input costs and quantities. $$ You require an ending inventory of entry$-$level Bats of $15\%$ of next year's total sales needs. Pro$-$series bats are made to order, and no inventory of finished goods is planned. $$ You require an ending raw material inventory of $10\%$ of next year's production needs $($for both product lines$).$ Assume a FIFO cost flow $$ Assume no WIP inventory. $$ Your beginning cash balance is $$200,000$ for $2024.$ The company requires a minimum cash balance of $$100,000.$ Budgeting and Variance Analysis $8.$ Compute the sales budget, the production budget, the direct material usage and purchases budget, the direct labor budget, the manufacturing overhead budget, the ending inventories budget, the cost of goods sold budget, the selling and administration budget, the budgeted income statement, and the cash budget for $2024.$ Skip to the end of $2024.$ At the end of $2024$ the following actual quantities and costs were recorded: A total of $72,000$ entry$-$level Bat's and $13,500$ pro$-$series Bats were produced and sold in $2024$ at average selling prices of $$85\mathrm{.}00$ and $$230\mathrm{.}00,$ respectively. A total of $300,000$ feet of Northern White Ash wood was purchased for the entry$-$level Bats at a cost of $$2,505,000.$ A total of $60,000$ feet of Rock Maple wood was purchased for the pro$-$series Bats at a cost of $$1,020,000.291,600$ feet of Ash were used to produce the entry$-$level Bats, and $57,375$ feet of Maple were used to create the pro$-$series Bats. $87,840$ direct labor hours were traced to the entry$-$level Bats, and $33,750$ direct labor hours were traced to the pro$-$series Bats. A total of $$2,944,890$ in wages was paid to the manufacturing workers $($traced to entry$-$level $$1,844,640$ and pro$-$series $$1,100,250$ workers$).$ Further, for manufacturing operations overhead actual fixed costs were $$172,400$ and actual variable costs were $$364,770.$ For machine setup overhead costs, actual fixed costs were $$180,000,$ and actual variable costs were $$219,051.$ Entry$-$level bats were produced in batches of $125$ bats and used $2\mathrm{.}95$ hours per batch. Pro$-$series bats were produced in batches of $20$ and used $8\mathrm{.}3$ hours per batch. $8.$ a$.$ Calculate the direct material price variance, the direct material efficiency variance, the direct labor price variance, and the direct labor efficiency variance for each of the product lines separately. Also, for each MOH activity calculate the FMOH $($spending and production volum