You are the newly hired Controller for Retro Vinyl. The proprietors of RV hired you due to your vast ...

You are the newly hired Controller for Retro Vinyl. The proprietors of RV hired you due to your vast experience in the furniture industry, which now spans almost 25 years. Your first task is to create a master budget for the four quarters of the 2023 fiscal year, which begins January 1st and ends December 31st. The master budget must include the following detailed budgets: 1. A sales budget with a schedule of expected cash collections from sales. Show the budget by quarter and in total. 2. A production budget. Show the budget by quarter and in total. 3. A direct material purchase budget with expected cash disbursements for material purchases. Show the budget by quarter and in total. 4. A direct labor budget in dollars. Show the budget by quarter and in total. 5. A manufacturing overhead budget in dollars. Show the budget by quarter and in total. 6. An ending finished goods inventory budget. Show the budget by quarter and in total. 7. A selling, general, and administrative budget. Show the budget by quarter and in total. 8. A cash budget. Show the budget by quarter and in total. 9. A budgeted income statement for the period ending December 31. Use the absorption costing approach. 10.A budgeted balance sheet as of December 31.