Only need what is in bold. Thank you.

The Gessing Tire Company manufactures racing tires for bicycles. Gessing sells tires for $85 each. Gessing is planning for the next year by developing a master budget by quarters. Gessing’s balance sheet for December 31, 2018, follows:

Gessing Tire Company

Balance sheet

December 31, 2018

Current Assets:

Cash                 $    52,000

Accounts Receivable         35,000

Raw Materials Inventory      1,900

Finished Goods Inventory     2,400

                         ________

Total Current Assets                 $    91,300

Property, Plant, and Equipment:

Equipment                    142,000

Less: Accumulated Depreciation   (50,000)   92,000

                           _________   ________

Total Assets                           $    183,300

                                    ==============

Liabilities

                   Current Liabilities:

                   Accounts Payable                   $10,000

                  Stockholder’s Equity

                 Common Stock, no par       $     110,000

                 Retained Earnings                  63,300

                                                _________

                 Total Stockholders’ Equity                   173,300

                                                          _______

                 Total Liabilities and Stockholder’s Equity      $ 183,300

                                                         ========

Other data for Gessing Tire Company: A. Budgeted sales are 1,000 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, 2018 consists of 100 tires at $24 each.

C. Desired ending Finished Goods Inventory is 50% of the next quarter's sales; first quarter sales for 2020 are expected be 1,400 tires. FIFO inventory costing method is used.

D. Raw Materials Inventory on December 31, 2018, consists of 200 pounds of rubber compound used to manufacture the tires.

E. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $9.50 per pound.

F. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 200 pounds; indirect materials are insignificant and not considered for budgeting purposes.

G. Each tire requires 0.60 hours of direct labor; direct labor costs average $16 per hour.

H. Variable manufacturing overhead is $2 per tire.

I. Fixed manufacturing overhead includes $3,500 per quarter in depreciation and $28,220 per quarter for other costs, such as utilities, insurance, and property taxes.

1. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $5,700 per quarter for rent; $1,650 per quarter for insurance; and $1,000 per quarter for depreciation.
2. Variable selling and administrative expenses include supplies at 1% of sales
3. Capital expenditures include $35,000 for new manufacturing equipment, to be purchased and paid in the first quarter.
4. Cash receipts for sales on account are 80% in the quarter of sale and 20% in the quarter following the sale; December 31, 2018, Accounts receivable is received in the first quarter of 2019, uncollectible accounts are considered insignificant not considered for budgeting purposes.
5. Direct materials purchases are paid 80% in the quarter of the sale and 20% in the following quarter; December 31, 2018, Accounts payable is paid in the first quarter of 2019.
6. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred.
7. Income tax expense is projected at $3,000 per quarter and is paid in the quarter incurred.
8. Gessing desires to maintain a minimum cash balance of $50,000 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 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter.

Read the requirments: 1. Prepare Gessing's operating budget and cash budget for 2019 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 Gessing's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet.

(I need what's in bold please)

Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. Round all amounts to the nearest cent.

Direct materials cost per tire          $

Direct labor cost per tire            

Manufacturing overhead cost per tire

Total projected manufacturing cost per tire for 2019

Cost of goods sold budget

For the year ended december 31, 2019

1^st quarter | 2^nd quarter | 3^rd quarter| 4^th quarter | total

Beginning inventory

Tires produced and sold in 2019

Total budgeted cost of goods sold

Prepare the selling and administrative expense budget:

Selling and administrative budget

For the year ended december 31, 2019

1^st quarter | 2^nd quarter | 3^rd quarter | 4^th quarter | Total

Salaries expense

Rent expense

Insurance expense

Depreciation expense

Supplies expense

Total budgeted selling and administrative expense

Prepare cash receipts budget:

1^st quarter | 2^nd quarter | 3^rd quarter | 4^th quarter | total

Total sales

1^st quarter | 2^nd quarter | 3^rd quarter | 4^th quarter | total

Cash receipts from customers

Accounts receivable balance,

December 31,2018

1^st qtr.- cash sales

1^st qtr.- credit sales, collection

Of qtr. 1 sales in qtr. 1

2^nd qtr.- cash sales

2^nd qtr.- credit sales, collection

Of qtr. 2 sales in qtr. 2

2^nd qtr.- credit sales, collection

of qtr. 2 sales in qtr. 3

3^rd qtr.- cash sales

3^rd qtr.-credit sales, collection

of qtr. 3 sales in qtr. 3

3^rd qtr.- credit sales, collection

Of qtr. 3 sales in qtr. 4

4^th qtr.-cash sales

4^th qtr.- credit sales collection

Of qtr. 4 sales in qtr. 4

Total cash receipts from customers

Exhibit:    Totals Recorded for the United States    (billions of dollars)*

Durable goods consumption $ 497

Nondurable goods consumption 1,301

Services consumption 2,342

Business fixed investment 566

Residential fixed investment 224

Inventory investment 7

Federal government purchases 449

State and local government purchases 683

Exports 640

Imports 670

Excess of GNP over GDP 7

Depreciation 658

Indirect business taxes 551

Corporate profits (includes wage accruals less disbursements) 387

Social insurance contributions 556

Net interest 442

Dividends (includes business transfer payments) 162

Government transfers to individuals 837

Personal interest income 694

Personal tax and nontax payments 645

What were the approximate ratios of consumption, investment, and government purchases to GDP?

True, False, Uncertain, Explain (intuitively and graphically) Does paradox of thrift result still hold true when in the IS-LM framework? Use the case where consumer confidence is falling. How might this affect private savings and investment spending. Hint: your answer can be motivated in part by the I^D = S_n identity.

Metlock Company sells goods to Bonita Company during 2017. It offers Bonita the following rebates based on total sales to Bonita. If total sales to Bonita are 9,500 units, it will grant a rebate of 2%. If it sells up to 20,500 units, it will grant a rebate of 5%. If it sells up to 27,400 units, it will grant a rebate of 6%. In the first quarter of the year, Metlock sells 11,300 units to Bonita at a sales price of $113,000. Metlock, based on past experience, has sold over 42,700 units to Bonita, and these sales normally take place in the third quarter of the year.

What amount of revenue should Metlock report for the sale of the 11,300 units in the first quarter of the year.

Wesley Power Tools manufactures a wide variety of tools and accessories. One of its more popular items is a cordless power handisaw. Each handisaw sells for $44. Wesley expects the following unit sales: January 2,000 February 2,200 March 2,700 April 2,500 May 1,900 Wesley’s ending finished goods inventory policy is 30 percent of the next month’s sales. Suppose each handisaw takes approximately 0.75 hours to manufacture, and Wesley pays an average labor wage of $18 per hour. Each handisaw requires a plastic housing that Wesley purchases from a supplier at a cost of $7.00 each. The company has an ending direct materials inventory policy of 25 percent of the following month’s production requirements. Materials other than the housing unit total $4.50 per handisaw. Manufacturing overhead for this product includes $72,000 annual fixed overhead (based on production of 27,000 units) and $1.20 per unit variable manufacturing overhead. Wesley’s selling expenses are 7 percent of sales dollars, and administrative expenses are fixed at $18,000 per month.

Compute the following for the first quarter: (Round your intermediate calculations to nearest whole dollar.)
1. Compute the budgeted cost of goods sold for the first quarter.
2. Compute the budgeted selling and administrative expenses for the first quarter.
3. Complete the budgeted income statement for the handisaw product for the first quarter.

The following is a list of national income figures for a given year. All figures are in billions. The ensuing question will ask you to determine the major national income measures by both the expenditures and income approaches. The answers derived by each approach should be the same.

Consumption expenditure on durable goods……………………………………………………………..50

Transfer payments………………………………………………………………………………………..12

Rents……………………………………………………………………………………………………..14

Capital consumption allowance (depreciation)…………………………………………………………..27

Social security contribution………………………………………………………………………………20

Interest……………………………………………………………………………………………………21

Proprietors’ income……………………………………………………………………………………….45

Dividends…………………………………………………………………………………………………16

Compensation of employees…………………………………………………………………………….248

Indirect business taxes (taxes on production and imports).………………………………………………18

Undistributed corporate profits…………………………………………………………………………...22

Personal taxes…………………………………………………………………………………………….26

Corporate income taxes…………………………………………………………………………………..19

Consumption expenditure on non-durable goods………………………………………………………..95

Gross private domestic investment………………………………………………………………………62

Exports.……………………………………………………………………………………………………7

Imports….…………………………………………………………………………………………………9

Personal savings………………………………………………………………………………………….16

Corporate profits…………………………………………………………………………………………57

Consumption expenditure on services…………………………………………………………………..143

Federal government purchase of goods and services…………………………………………………….35

State and local government purchases of goods and services…………………………………………....47

***SHOW ALL OF YOUR WORK/CALCULATIONS!

1. Use the above data to determine the GDP by the Expenditure Approach and Income Approache
2. Compute the NDP
3. Compute the NI
4. Compute the DI if PI = $336

You are the vice president of finance of Crane Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2020. These schedules appear below.

The computation of cost of goods sold in each schedule is based on the following data.

Mary Smith, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Smith that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions.

Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions.

Schedules Computing Ending Inventory

Pargo Company is preparing its master budget for 2017. Relevant data pertaining to its sales, production, and direct materials budgets are as follows.

Sales. Sales for the year are expected to total 1,700,000 units. Quarterly sales are 19%, 27%, 23%, and 31%, respectively. The sales price is expected to be $42 per unit for the first three quarters and $44 per unit beginning in the fourth quarter. Sales in the first quarter of 2018 are expected to be 15% higher than the budgeted sales for the first quarter of 2017.

Production. Management desires to maintain the ending finished goods inventories at 25% of the next quarter’s budgeted sales volume.

Direct materials. Each unit requires 2 pounds of raw materials at a cost of $10 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter’s production requirements. Assume the production requirements for first quarter of 2018 are 502,000 pounds.

Prepare the sales, production, and direct materials budgets by quarters for 2017.