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This question belongs to chapter 6 master budget and responsibility accounting . Kindly answer all questions asap

•UI Airtel 4G
11:26 PM
rn-ca-central-1-prod-fleet01-xythos.content.blackboardcdn.com
Tiny Toons was established on January 1, 2022 -
capitalized though the issuance of common shares
for $85,000. Tiny Toons produces miniature, plastic
cartoon characters
Their 2022 estimated sales are 50,000 units at $120
per unit. Tiny Toons desires an ending inventory of
5,000 units and there is no beginning inventory.
30% of sales are cash and 70% are credit card. The
credit card charges a 3% service charge, with 80%
of the credit card sales are collected in the current
period and 20% in the following period.
90% of the raw material purchases are paid for
during the period of purchase, 10% paid in the
following period. Materials cost $100 per unit and
Tiny Toons desires an ending inventory for raw
materials of 25 units. It takes 0.05 units of raw
materials to produce one miniature, plastic cartoon
character.
Direct Labour Costs are paid in the period incurred
and are $20 per hour and it takes 1 and 1/2 hours to
produce one unit. Manufacturing overhead is
allocated based on direct labour hours at $30 per
hour.
Manufacturing equipment cost $35,000, salvage
value $5,000, 5 year useful life
All overhead costs (excluding depreciation) are paid
in the period incurred as follows: Salary expense
$150,000, Sales Commissions $175,000, Sales
Supplies $25,000, Rent $75,000 and miscellaneous
expenses of $5,000.
They require a cash balance of $601,100 and to
maintain this cash balance, a line of credit is
available for 3% per annum. Note: All borrowings
and repayments occur on the first day of the period.

REQUIRED:
1. Prepare a Sales Budget (3 marks)
Production Budget (5 marks)
2. Prepare a
3. Prepare a
Raw Materials Budget (10 marks)
Direct Manufacturing Labour Budget (5
4. Prepare a
marks)
Manufacturing Overhead Budget (3
5. Prepare a
marks)
6. Prepare a Cost of Goods Manufactured Budget
and a unit cost (7 marks)
7. Prepared a Selling, General and Administrative
Expenses Budget (6 marks)
8. Prepare a Proforma Income Statement (7 marks)
9. Prepare a Cash Receipts Schedule (4 marks)
10. Prepare a Credit Cards Proforma Data Schedule
(3 marks)
11. Prepare a Cash Payments Budget (4 marks)
12. Prepare proforma data for accounts payable, raw
material inventory and accumulated deprecation,
Finished Goods Inventory December 31, 2022
and Cost of Goods Sold (5 marks)
13. Prepare a Cash Budget (21 marks)
14. Prepare a Proforma Balance Sheet (17 marks)
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