Presented on the template provided is Crossley's projected balance sheet at 12/31/20. Prepare a budgeted balance sheet at 12/31/21 next to it, then answer the following questions in the space below your balance sheets. Label your answers, but the amounts themselves should be calculated by formulas that include cell references: What is the budgeted return on investment (round your answer to the nearest one percent)? If the company has establisheda minimum required rate of return of 22% for Crossley, what is budgeted residual income (round your answer to the nearest dollar)? If the CEO of Crossley has set a target ROI of 28%, how many units would the company have to sell for the year (round your answer to the nearest whole unit)? 2020 SALES: H. K B D. QTR1 QTR 2 QTR3 QTR4 YR 40800 61200 71400 30600 204000 UNITS SALES PRICE Budgeted revenue 210 210 210 210 210 8568000 12852000 14994000 6426000 42840000 Q1-2022 Q2-2022 73440 PRODUCTION BUDGET Budgeted sales 40800 61200 71400 30600 204000 48960 +El required 10% 6120 7140 3060 4896 4896 7344 Total needs 46920 68340 74460 35496 208896 56304 4896 3060 32436 205456 3440 6120 7140 3440 -Bl on hand Total production required 43480 62220 67320 51408 MATERIALS PURCHASES BUDGET 20 Budgeted production Std feet per unit Total feet for production 43480 62220 67320 32436 205456 51408 10 10 10 10 10 10 22 434800 622200 673200 324360 2054560 514080 23 +El required 15% 93330 100980 48654 77112 77112 Total feet needed 24 528130 723180 721854 401472 2131672 25 -BI 55000 93330 100980 48654 55000 26 Total feet to be purchased 473130 629850 620874 352818 2076672 27 $5/ft 28 Total cost of purchases 2365650 3149250 3104370 1764090 10383360 29 DIRECT LABOR BUDGET 31 Production 32436 205456 6. 43480 62220 67320 32 Std hours per unit Total labor hours needed 6. 6. 6 33 260880 373320 403920 194616 1232736 34 $9.00/DLH 6. 6. 35 Total cost of direct labor 2347920 3359880 3635200 1751544 11094624 30 QTR 1 QTR 2 QTR 3 QTR 4 YEAR Sales revenue 8568000 12852000 14994000 6426000 42840000 LESS: Variable costs Direct materials 2040000 3060000 3570000 1530000 10200000 10 Direct labor 2347920 3559880 3635280 1751544 11294624 1565280 2239920 2423520 1167696 224910 11 Variable overhead 7396416 Variable selling 299880 449820 524790 1499400 12 6253080 9309620 10153590 2314920 3542380 4840410 1751850 13 Total variable costs 467410 30390440 Contribution margin 12449560 14 15 LESS: Fixed costs 16 Fixed overhead-depreciation 90000 90000 122500 122500 425000 17 Flxed overhead-other 524000 524000 524000 524000 209600 Fixed selling-depreciation Fixed selling-other Fixed admin-depreciation Fixed admin-other 18 75000 75000 75000 75000 300000 19 850000 850000 120000 850000 850000 3400000 20 1200000 120000 120000 480000 21 980000 980000 980000 2639000 2639000 2671500 2671500 980000 3920000 22 Total fixed costs 10621000 23 Operating income -324080 903380, 2168910 -919650 1828560 24 Interest expense 25 Income before tax -324080 903380 2168910 -919650 1828560 26 27 28 Budgetd break-even point (units) Margin of safety % Operating leverage Number of units to sell 174115 29 6.8 31 264,279 22 CROSSLEY COMPANY BALANCE SHEET AT DECEMBER 31 2021 2020 ASSETS Cash 3073035 1625000 Accounts recelvable 2249100 3069360 Inventory Raw materials 385560 275000 756600 Finished goods Property, plant and equipment, net 110560 496120 481600 2939555 8390515 Total Assets LIABILITIES AND STOCKHOLDERS' EQUITY 2600000 Accounts payable Commissions payable Note payable Common stock, no par 224910 187425 1100000 1500000 2450000 Retained earnings 1653090 8390515 Total Liabilities and Stockholders' Equity