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The Giseppe Tire Company manufactures racing tires for bicycles. Giseppe sells tires for $80 each. Giseppe is planning for the next year by developing a master budget by quarters. Giseppe's balance sheet for December 31 . 2024, follows: (Click the icon to view the balance sheet.) Other data for Giseppe Tire Company: i (Click the icon to view the other data.) Read the requirements. Data table Requirements 1. Prepare Giseppe'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 Giseppe's annual financial budget for 2025 , including budgeted income statement and budgeted balance sheet. 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 2,000 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. b. Finished Goods Inventory on December 31, 2024 consists of 400 tires at $31 each. c. Desired ending Finished Goods Inventory is 20% of the next quarter's sales; first quarter sales for 2026 are expected be 2,800 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31,2024 , consists of 800 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 $9.00 per pound. f. Desired ending Raw Materials Inventory is 20% of the next quarter's direct materials needed for production; desired ending inventory for December 31,2025 is 800 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.70 hours of direct labor; direct labor costs average $25 per hour. h. Variable manufacturing overhead is $2 per tire. i. Fixed manufacturing overhead includes $1,500 per quarter in depreciation and $26,580 per quarter fo other costs, such as utilities, insurance, and property taxes. 1. Fixed selling and administrative expenses include $12,000 per quarter for salaries; $4,800 per quarte for rent; $1,500 per quarter for insurance; and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. Requirement 1. Prepare Giseppe'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. Begin by preparing the sales budget. Prepare the production budget. Review the sales budget you prepared above. year- the tires in inventory at the beginning of the first quarter. Review the production budget you prepared above. The manufacturing overhead budget calculates the budgeted overheaf cost for the year and also the predetermined overhead allocation rate for the year. The predeterminety overhead allocation rate is used to 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