I started on my assignment, but I got stuck. I need help!!!!!!!

The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires for $80 each. Gilder is planning for the next year by developing a master budget by quarters. Gilder's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Gilder Tire Company: (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. X Begin by preparing the sales budget. Requirements Gilder Tire Company Sales Budget 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. For the Year Ended December 31, 2019 Required schedules and budgets include: sales budget, production budget, First Second Third Fourth direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, Quarter Quarter Quarter Quarter Total schedule of cash receipts, schedule of cash payments, and cash budget. 1,400 Budgeted tires to be sold 1,600 1,800 2,000 6,800 Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. $ 80 80 | $ $ 80 $ Sales price per unit 80 80 2. Prepare Gilder's annual financial budget for 2019, including budgeted income 112,000 $ 128,000 | $ 144,000 $ 160,000 544,000 statement and budgeted balance sheet. Total sales Prepare the production budget. Print Done Review the sales budget you prepared above. Gilder Tire Company Production Budget For the Year Ended December 31, 2019 Choose from any list or enter any number in the input fields and then click Check Answer. C. (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,400 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 600 tires at $28 each. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2020 are expected be 2,200 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 1,200 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $6.00 per pound. f. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 1,200 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.80 hours of direct labor; direct labor costs average $14 per hour. h. Variable manufacturing overhead is $4 per tire. i. Fixed manufacturing overhead includes $3,000 per quarter in depreciation and $32,400 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $11,000 per quarter for salaries; $5,700 per quarter for rent; $900 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. I. Capital expenditures include $10,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 80% in the quarter of the sale and 20% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter; December 31, 2018, Accounts Payable is paid in the first quarter of 2019. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $2,500 per quarter and is paid in the quarter incurred. q. Gilder desires to maintain a minimum cash balance of $60,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 10% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Gilder Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 63,000 Accounts Receivable 32,000 Raw Materials Inventory 7,200 16,800 Finished Goods Inventory Total Current Assets $ 119,000 Property, Plant, and Equipment: Equipment 183,000 (39,000) Less: Accumulated Depreciation 144,000 $ 263,000 Total Assets Liabilities Current Liabilities: Accounts Payable $ 11,000 Stockholders' Equity Stockholders' Equity Common Stock, no par $ 150,000 102,000 Retained Earnings Total Stockholders' Equity 252,000 $ Total Liabilities and Stockholders' Equity 263,000 Review the sales budget you prepared above. Gilder Tire Company Production Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted tires to be sold 1,400 1,600 1,800 2,000 6,800 640 Desired tires in ending inventory 720 800 880 Plus: 880 Total tires needed 2,040 2,320 2,600 2,880 7,680 600 Tires in beginning inventory 640 720 800 Less: 600 1,440 1,680 1,880 2,080 7,080 Budgeted tires to be produced Prepare the direct materials budget. Review the production budget you prepared above. Gilder Tire Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted tires to be produced 1,440 1,680 1,880 2,080 7,080 2 2 2 2 2 Direct materials per tire Direct materials needed for production Plus: Desired direct materials in ending inventory 2,880 3,360 3,760 4,160 14,160 336 376 416 1,200 1,200 Total direct materials needed 3,736 4,176 5,360 15,360 3,216 1,200 Direct materials in beginning inventory 336 Less: 376 416 1,200 Budgeted purchases of direct materials 2,016 3,400 3,800 4,944 14,160 6.00 Direct materials cost per pound 6.00 $ 6.00 6.00 $ 6.00 $ 12,096 | $ 20,400 $ 22,800 $ 29,664 | $ 84,960 Budgeted cost of direct materials Review the production budget you prepared above. Gilder Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total 1,440 1,680 1,880 2,080 7,080 Budgeted tires to be produced Direct labor hours per unit Direct labor hours needed for production 0.80 0.80 0.80 0.80 0.80 1,152 1,344 1,504 1,664 5,664 Direct labor cost per hour 14 $ 14 14 || $ 14 14 $ 16,128 | $ 18,816 || $ 21,056 || $ 23,296 | $ 79,296 Budgeted direct labor cost Gilder Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted tires to be produced VOH cost per tire Budgeted VOH Budgeted FOH Depreciation Utilities, insurance, property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate