Collected these information from Coca Cola Company (Egypt) producing 3 products "X" ,"Y", and "Z" for the year 2022: First: Sales: - Estimated sales "X" 6,800,000 EGP "Y" 4,800,000 EGP "Z" 2,790,000 EGP - Sales price/unit 340 EGP 320 EGP 310 EGP Second: Production and Inventory (finished goods): - Total estimated sales units for product (X) will allocate for first quarter, second quarter, third quarter, and fourth quarter by equally. - For calculating of ending inventory of Finished Goods (F.G.) of product (X), 1/4 of sales units of the next quarter are used except the fourth quarter 4/4 of sales units of the same quarter. - Ending inventory of Finished Goods (F.G.) for first quarter = 1250 units for product (X). - Beginning inventory of Finished Goods (F.G.) for first quarter = 2100 units for product (X). - Ending inventory of Finished Goods (F.G.) for product (Y) and (Z) 1/4 of sales units. - Inventory 31/12/2021 for product (Y) and (Z) are 1200 and 800 units, respectively. Third: Raw materials and Purchases: - Quantity needed from material "G": "X" 15 kg. "Y" 11 kg. "Z" 9 kg. - Quantity needed from material "H": "X" 13 kg. "Y" 17 kg. "Z" 14 kg. - The direct hours needed to produce one unit is 17 hours for "X", and 19 hours for "Y", and 21 hours for "Z". - Rate per hour is 6 EGP for three products. - The price of material is 7 EGP for "G" and 9 EGP for "H". Fourth: Inventory raw materials: - Beginning period inventory "G" 400 kg. "H" 600 kg. - Ending period inventory 1300 kg. 500 kg. Fifth: Indirect overhead cost: (The numbers are in thousands of pounds) - Machine maintenance 150,000 EGP, if you know rate of maintenance = EGP 0.15 (Number of labors hours). - Indirect material 21000 involve (70% F). - Salary of factory director 7000 EGP (40%F). - Factory oil & gas 5000 EGP (90%V). - Power 30,000 EGP. - Factory rent 1000 EGP. - Depreciation 2200 EGP. -Supervision Cost 2000 EGP. Sixth: Cost of marketing and administration: - Advertising 11000 EGP. - Stationary 7000 EGP. - Shipping material 13000 EGP. - Subscriptions 4000 EGP. - Trade show 18000 EGP. - Executive compensation 25000 EGP. Seventh: Items Quarter 1 Quarter 2 Quarter 3 Quarter 4 Gross sales 400,000 500,000 300,000 200,000 Gross purchases 250,000 150,000 200,000 180,000 Paid cash machines and equipment ----- ----- 80,000 ----- Paid cash utilities ----- 400,000 ----- ----- Salary and wages 21000 26000 24000 ----- Interest credit 15000 ----- 10,000 35000 Interest debit 8000 6000 19000 4000 Overhead expenses 4000 3000 3500 3200 Minimum reserve of cash 300,000 300,000 300,000 300,000 If you know that: -The company can borrow money when required with the loan’s interest rate of 10% of the amount borrowed during the period. - There are 20% of gross sales are considered as cash sales. - Credit sales are collected as follows: 70% in the same quarter of sales, 20% in the following quarter, and 10% in the quarter after. - Overhead expenses include 3000 EGP depreciation/ quarter. - There are 10% of gross purchases are considered as cash purchases. - Debit purchases are paid as follows: 60% in the same quarter of purchases, 25% in the following quarter, and 15% in the quarter after. Eighth: Balance Sheet (B.S.) of the 31/12/2021 Assets Liabilities & Owner's Equity Cash 200,000 Loan Accounts payable 100,000 50,000 A/R 20,000 Capital 195000 Furniture 29000 Machines and equipment 36000 Depreciation (3000) Materials 3000 Merchandise (F.G.) 60,000 Total Assets 345000 Total Liabilities and O'E 345000 Required: Prepare suitable budgets.