Please show work DUKE, S$.$A$.$ manufactures and sells percussion instruments. On January $1$st$,2020,$ the company had the following financial position:

ASSETS

Property, plant, and equipment Accumulated depreciation

Finished Goods inventory Direct Materials inventory Cash

EQUITY

Capital

LIABILITIES

Loan, long$-$term Loan, current portion

$60,000(10,000)$

$10,0002,00013,000$

$50,000$

$20,0005,000$

$$ Property, plant, and equipment depreciate linearly over $6$ years.

$$ The loan $(25,000)$ is repaid in equal installments over $5$ years. Every December $31$st interest expenses are paid $(4\%$ annual interest rate$)$ along with the loan

amortization.

$$ Direct Materials beginning inventory: $200$ meters at $10/$meter$.$

$$ Finished Goods beginning inventory: $100$ units at $100$ each unit.

$$ Inventory method: Weighted average method $($WAM$)$ for Direct Materials; FIFO

for Finished Goods.

$$ Since it is a recently created company, the income tax rate is $20\%$

Additional information for the preparation of the BUDGET for the year $2020$:

Direct Materials purchases

Direct Materials used per unit manufactured

Direct Labor $($fixed contracts$)$

Variable Manufacturing Overheads $($per unit manufactured$)$ Rent $($production plant$)($annual cost$)$

Marketing costs $($per unit sold$)$

Administrative costs $($fixed$)$

Budgeted production volume $($units$)$

Budgeted sales volume $($units$)$

Budgeted market selling price

$1.$ Calculate the budgeted Direct Materials ending inventory:

a$.435\mathrm{.}29$

b$.642\mathrm{.}86$

c$.550$ d$.2,640$

$500$ meters at $11/$meter

$0\mathrm{.}8$ meters $40,000$

$315,000$

$2$

$8,000$

$800$ units $850$ units $180$

$2.$ Calculate the budgeted Cost of Goods Manufactured $($COGM$)$ under Absorption Costing:

a$.75,310$

b$.9,550$

c$.74,257\mathrm{.}14$

d$.9,364\mathrm{.}71$

$3.$ Using the budgeted market selling price, calculate the Operating Income under Absorption Costing:

a$.63,683\mathrm{.}93$

b$.108,020\mathrm{.}59$

c$.108,907\mathrm{.}50$

d$.62,735\mathrm{.}48$

$4.$ Using Absorption Costing, calculate the budgeted Cash balance on December $31$st$,2020.$ Assume that the company expects to pay all its costs $($including income taxes$),$ except for $1,000$ to be paid to direct materials providers in the following year. The company also expects to collect all its sales in cash, except for $4,000$ that will be collected in cash in $2021$:

a$.61,595\mathrm{.}88$

b$.71,863\mathrm{.}21$

c$.52,102\mathrm{.}9$

d$.61,118\mathrm{.}5$