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Homework: Ch7-HW The Gavin Tire Company manufactures racing tires for bicycles. Gavin sells tires for $85 each. Gavin is plann the next year by developing a master budget by quarters. Gavin's balance sheet for December 31, 2024, follo (Click the icon to view the balance sheet.) Budgeted tires to be sold Sales price per unit Total sales Help me solve this Gavin Tire Company Sales Budget For the Year Ended December 31, 2025 First Third Quarter Quarter Second Quarter Demodocs example Fourth Quarter Question Get more help. Total 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 1,100 tires for the first quarter and expected to increase by 100 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 $36 each. C. d. Raw Materials Inventory on December 31, 2024, consists of 1,400 pounds of rubber compound used to manufacture the tires. e. Desired ending Finished Goods Inventory is 20% of the next quarter's sales; first quarter sales for 2026 are expected be 1,500 tires. FIFO inventory costing method is used. f. Direct materials requirements are two pounds of a rubber compound per tire. The cost of the compound is $7.50 per pound. Desired ending Raw Materials Inventory is 50% 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. g. Each tire requires 0.50 hours of direct labor; direct labor costs average $8 per hour. h. Variable manufacturing overhead is $2 per tire. Print Done Clear all - X Check answer

าร Homework: Ch7-HW The Gavin Tire Company manufactures racing tires for bicycles. Gavin sells tires for $85 each. Gavin is plann the next year by developing a master budget by quarters. Gavin's balance sheet for December 31, 2024, follo (Click the icon to view the balance sheet.) Budgeted tires to be sold Sales price per unit Total sales Help me solve this Gavin Tire company Sales Budget For the Year Ended December 31, 2025 Third Quarter First Quarter Second Quarter Fourth Quarter Question Demodocs example Get more help. Total More info n. variable manufacturing overnead is $2 per tire. i. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $9,300 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $12,500 per quarter for salaries; $4,200 per quarter for rent; $900 per quarter for insurance; and $500 per quarter for depreciation. Variable selling and administrative expenses include supplies at 1% of sales. k 1. Capital expenditures include $10,000 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; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter, December 31, 2024, Accounts Payable is paid in the first quarter of 2025. 0. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,000 per quarter and is paid in the quarter incurred. Print Done Clear all - X Check answer

Homework: Ch7-HW Data table Current Assets: Cash Accounts Receivable Gavin Tire Company Balance Sheet December 31, 2024 Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Print Assets $ 48,000 25,000 10,500 25,200 Done $ 108,700 X Question 1, PM7-41A (similar to) Part 1 of 19 vin is planning 31, 2024, C tal > HW Score: 0%, 0 of 20 points O Points: 0 of 20 Other data for Gavin Tire Company: i (Click the icon to view the other data.) Read the requirements. schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead ceipts, schedule of ours. Round X 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. Print Save Done ck answer

= Homework: Ch7-HW Data table Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Common Stock, no par Retained Earnings Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Print 177,000 (106,000) $ 150,000 12,700 Done $ $ $ 71,000 179,700 17,000 162,700 179,700 - X Question 1, PM7-41A (similar to) Part 1 of 19 vin is planning 31, 2024, D Ital HW Score: 0%, 0 of 20 points O Points: 0 of 20 Other data for Gavin Tire Company: i (Click the icon to view the other data.) Read the requirements. schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead ceipts, schedule of ours. Round X 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. Print Save Done ck answer

The Gavin Tire Company manufactures racing tires for bicycles. Gavin sells tires for $85 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.) Requirement 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. Begin by preparing the sales budget. Budgeted tires to be sold Sales price per unit Total sales Gavin Tire Company Sales Budget For the Year Ended December 31, 2025 First Third Quarter Quarter Second Quarter Fourth Quarter Other data for Gavin Tire Company: i (Click the icon to view the other data.) Read the requirements. Total

The Gavin Tire Company manufactures racing tires for bicycles. Gavin sells tires for $85 each. Gavin is plann the next year by developing a master budget by quarters. Gavin's balance sheet for December 31, 2024, follo (Click the icon to view the balance sheet.) Budgeted tires to be sold Sales price per unit Total sales Help me solve this Gavin Tire Company Sales Budget For the Year Ended December 31, 2025 First Third Quarter Quarter Second Quarter Demodocs example * Fourth Quarter Get more help. ✓ G O Total More info K. Variable selling and administrative expenses include supplies at 1% of sales. I. Capital expenditures include $10,000 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; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 70% in the quarter purchased and 30% 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 $3,000 per quarter and is paid in the quarter incurred. q. Gavin desires to maintain a minimum cash balance of $45,000 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. Print Done Clear all 91°F Sunny Check answer AFO & In ^ 7:43 PM B Prem 30 Q0 tu All Uploa