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The Gavin Tire Company manufactures racing tires for bicycles. Gavin sells tires for $65 each. Gavin is planning for the next year by developing a master budget by quarters. Gavin's balance sheet for December 31, 2024, follows: (Click the icon to view the balance sheet.) Data table Stockholders' Equity More info (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31, 2024.) a. Budgeted sales are 1,600 tires for the first quarter and expected to increase by 150 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 31,2024 consists of 700 tires at $25 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2026 are expected be 2,200 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31,2024 , consists of 1,400 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are two pounds of a rubber compound per tire. The cost of the compound is $9.50 per pound. f. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production; desired ending inventory for December 31,2025 is 1,400 pounds; indirect materials are insignificant and not considered for budgeting purposes. 9. Each tire requires 0.20 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $3 per tire. i. Fixed manufacturing overhead includes $5,500 per quarter in depreciation and $110 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $1,500 per quarter for rent; $600 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. 1. Capital expenditures include $20,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 60% in the quarter of the sale and 40% in the quarter following the sale; December 31, 2024, Accounts Receivable is received in the first quarter of 2025; m. Cash receipts for sales on account are 60% in the quarter of the sale and 40% in the quarter following the sale; December 31, 2024, Accounts Receivable is received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter: December 31, 2024, Accounts Payable is paid in the first quarter of 2025. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $4,500 per quarter and is paid in the quarter incurred. q. Gavin desires to maintain a minimum cash balance of $70,000 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 5% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Requirements 1. Prepare Gavin's operating budget and cash budget for 2025 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. 2. Prepare Gavin's annual financial budget for 2025 , including budgeted income statement and budgeted balance sheet. Requirement 1. Prepare Gavin's operating budget and cash budget for 2025 by quarter. Required schedules and bud labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Begin by preparing the sales budget. vired schedules and budgets include: sales budget, production budget, direct materials budget, direct trative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. is to the nearest dollar. Requirement 1. Prepare Gavin's operating budget and cash budget for 2025 by quarter. Required schedules and budg labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, s Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Begin by preparing the sales budget. Prepare the production budget. Review the sales budget you prepared above. Prepare the production budget. Review the sales budget you prepared above. Review the production budget you prepared above