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The Tuscan Toy Company manufactures toy building block sets for children Tuscan is planning for 2019 by developing a master budget by quarters, Tuscan's bal E (Click the icon to view the balance sheet) Other budget data for Tuscan Toy Company (Click the icon to view the other data) Read the requirements Cash Receipts from Customers First Second Third Fourth Quarter Quarter Quarter Quarter Total Total sales $ 91.000 $ 98,000 $ 105,000 $ 112,000 $ 406,000 First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 55,000 1st QtrCash sales 1st Qtr-Credit sales, collection of Qur. 1 sales in Qtr 1 1st Q-Credit sales, collection of Ott 1 sales in Qt2 2nd Or-Cash sales 2nd QtrCredit sales, collection of Qui 2 sales in 2 2nd Qu-Credit sales, collection of Ott 2 sales in Qtr 3 Enter any number in the edit fields and then click Check Answer. Clear All 26 parts remaining Type here to search O E ** The Tuscan Toy Company manufactures toy building block sets for children Tuscan is planning for 2019 by developing a master budget by quarters. Tus Click the icon to view the balance sheet) Other budget data for Tuscan Toy Company (Click the icon to view the other data) Read the requirements 1st Qtr --Credit sales collection of Qt 1 sales in Qtr. 2 2nd Otr Cash salos 2nd Qur --Credit sales collection of Otr. 2 sales in Qt. 2 2nd Credit sales, collection of our 2 salos in Q3 3rd QtrCash sales 3rd Qtr Credit sales collection of Otr 3 salos in Ott 3 3rd Qt-Credit sales, collection of Qtr 3 sales in Qtr 4 4th otr-Cash sales 4th Credit sales, collection of tr 4 sales in Qtr 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Or Credit sales, collection of tr 4 sales in Otr 1 of 2020 Enter any number in the edit fields and then click Check Answer Clear All 26 parts remaining o * Tvne here to search More Info X production; desired ending inventory for December 31, 2019, is 1,050 pounds, indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.30 hours of direct labor, direct labor costs average 14 per hour g. Variable manufacturing overhead is $4.20 per set h. Fixed manufacturing overhead includes $5,000 per quarter in depreciation and $6,088 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $14,000 per quarter for salaries: $2,400 per quarter for rent, $600 per quarter for insurance, and $2,000 per quarter for depreciation j. Variable selling and administrative expenses include supplies at 3% of sales k. Capital expenditures include $55,000 for new manufacturing equipment to be purchased and paid for in the first quarter 1. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale, Accounts Receivable balance on December 31, 2018, is expected to be received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 90% in the quarter purchased and 10% in the following quarter, Accounts Payable balance on December 31, 2018, is expected to be paid in the first quarter of 2019. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred o. Income tax expense is projected at $1,500 per quarter and is paid in the quarter incurred p. Tuscan desires to maintain a minimum cash balance of $30,000 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 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter Print Done UASI 1J,Vuu Accounts Receivable 55,000 1,050 Raw Materials Inventory Finished Goods Inventory 5,100 Total Current Assets $ 76,150 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 206,000 (39,000) 167,000 243,150 $ Total Assets Liabilities Current Liabilities: $ $ 17,000 Accounts Payable Stockholders' Equity $ 130,000 Common Stock, no par Retained Earnings Total Stockholders' Equity 96,150 226,150 $ 243, 150 Total Liabilities and Stockholders' Equity Print Done Tuscan Toy Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 15,000 55,000 1,050 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets 5,100 I $ 76,150 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 206,000 (39,000) 167,000 $ 243,150 Total Assets Liabilities Current Liabilities: 7 Ann Annette Datinha Print Done f. insignificant and not considered for budgeting purposes Each set requires 0.30 hours of direct labor, direct labor costs average 14 per hour g. Variable manufacturing overhead is $4.20 per set h. Fixed manufacturing overhead includes $5,000 per quarter in depreciation and $6 088 per quarter for other costs, such as utilities, insurance and property taxes i. Fixed selling and administrative expenses include $14,000 per quarter for salaries $2.400 per quarter for rent $600 per quarter for insurance, and $2,000 per quarter for depreciation j. Variable selling and administrative expenses include supplies at 3% of sales k. Capital expenditures include $55,000 for new manufacturing equipment, to be purchased and paid for in the first quarter 1. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale, Accounts Receivable balance on December 31, 2018, is expected to be received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 90% in the quarter purchased and 10% in the following quarter, Accounts Payable balance on December 31, 2018, is expected to be paid in the first quarter of 2019 n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred o. Income tax expense is projected at $1,500 per quarter and is paid in the quarter incurred p. Tuscan desires to maintain a minimum cash balance of $30,000 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 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter Print Done 1 of 1 (1 complete) More Info - X (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 1,300 sets for the first quarter and expected to increase by 100 sets per quarter. Cash sales are expected to be 40% of total sales, with the remaining 60% of sales on account. Sets are budgeted to sell for $70 per set b. Finished Goods Inventory on December 31, 2018, consists of 150 sets at $34 each c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales, first quarter sales for 2020 are expected to be 1,700 sets FIFO inventory costing method is used d. Raw Materials Inventory on December 31, 2018, consists of 1,050 pounds. Direct materials requirement is 7 pounds per set. The cost is 1 per pound e. 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 1,050 pounds, indirect materials are insignificant and not considered for budgeting purposes f. Each set requires 0.30 hours of direct labor, direct labor costs average 14 per hour g. Variable manufacturing overhead is $4 20 per set h. Fixed manufacturing overhead includes $5,000 per quarter in depreciation and $6,088 per quarter for other costs, such as utilities, insurance and property taxes 1. Fixed selling and administrative expenses include $14,000 per quarter for salaries, $2,400 per quarter for rent: $600 per quarter for insurance, and $2,000 per quarter for depreciation 1. Variable selling and administrative expenses include supplies at 3% of sales k. Capital expenditures include $55,000 for new manufacturing equipment to be purchased and paid for in the first quarter 1. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale, Accounts Receivable balance on December 31, 2018, is expected to be received in the first Print Done Tuscan Toy Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total S 14.000 S 14,000 $ 14,000 $ 14,000 $ 2,400 2,400 2.400 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Supplies Expense 2.400 600 56,000 9,600 2.400 600 600 600 2 000 2000 2.000 3,360 2,000 3,150 22,150 $ 2730 8,000 12,180 2940 24/280S 21940S 22,360 $ 88.180 Total budgeted selling and administrative expensel information to Tuscan's managers than the static budget performance report. What insights can Tuscan's managers draw from this performance report? 7. During 2019, Tuscan recorded the following cost data. (Click the icon to view the standard cost data.) (Click the icon to view the actual cost data.) Compute the cost and efficiency variances for direct materials and direct labor 8. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances 9. Prepare the standard cost income statement for 2019 10. Calculate Tuscan's ROI for 2019. To calculate average total assets, use the December 31, 2018, balance sheet for the beginning balance and the budgeted balance sheet for December 31, 2019, for the ending balance. Round all of your answers to four decimal places. 11. Calculate Tuscan's profit margin ratio for 2019. Interpret your results. 12. Calculate Tuscan's asset turnover ratio for 2019. Interpret your results. 13. Use the expanded ROI formula to confirm your results from Requirement 10. Interpret your results. 14. Tuscan's management has specified a 30% target rate of return Calculate Tuscan's RI for 2019. Interpret your results. Print Done 1 Requirements 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.) 2. Prepare Tuscan's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. 3. Tuscan sold 6,100 sets in 2019, and its actual operating income was as follows: (Click the icon to view the actual income statement.) Prepare a flexible budget performance report through operating income for 2019. Show product costs separately from selling and administrative costs. To simplify the calculations due to sets in beginning inventory having a different cost than those produced and sold in 2019, assume the following product costs: Click the icon to view the product costs) 4. What was the effect on Tuscan's operating income of selling 300 sets more than the static budget level of sales? 5. What is Tuscan's static budget variance for operating income? 6. Explain why the flexible budget performance report provides more useful information to Tuscan's managers than the static budget performance report What insights can Tuscan's managers draw from this performance report? Print Done