Other Information: Sydney rented all of her equipment and furnishings in 2020 but has decided to purchase new equipment and furnishings in January of 2021. Sydney has found a seller that has all of the equipment and furnishings that she needs. Sydney has the cash to pay one-half of the total cost in January of 2021, and she will sign a 12-month, 6% bank note to fund the remaining balance. The note will be outstanding for the entire 2021 year. Monthly interest payments will begin on February 2, 2021. The principal along with the last interest payment will become due on January 2, 2022. Sydney decided to purchase the following items under the terms stated above as of January 1, 2021 and will depreciate them on a straight-line basis with no salvage value: Equipment & Furniture Cost Life Press that applies ink $12,000 5 years Light-exposure table 2,000 10 years Display furniture for retail area 5,000 10 years Computer hardware & software for shirt design and production 4,000 4 years Dryer conveyer belt 3,000 10 years Computer hardware & software for administrative and sales activities 2,000 5 years Blank T-shirts is the only direct material used in the production process. The cost per shirt will remain at the 2018 price, $8. Credit tems will also carry over from 2020%; 40% due in the quarter of purchase with the remaining 60% to be paid in the foll owing quarter. Sydney will maintain an ending inventory of blank shirts equal to 20% of the next quarter's production volume. Shirts to be silk-screened are considered direct materials inventory. There is no beginning finished goods inventory for the budget year, but Sydney has decided to maintain an ending finished goods inventory each quarter equal to 10% of the upcoming quarter's sales volume. Assume FIFO is applied to all inventory costs, and assume no WIP inventory balances. Sydney estimates the number of shirts to be sold in the next six quarters, beginning January 2021, to be: First Quarter, year 2021 14,000 Second Quarter, year 2021 11,000 Third Quarter, year 2021 15,000 Fourth Quarter, year 2021 13,000 First Quarter, year 2022 17,000 Second Quarter, year 2022 12,000

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please answer in detail with explanation

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