Sales, production, direct materials, direct labor, and factory overhead budgets LO₂The Glide-Rite Tire Company's budgeted units sales for the year 2002 were:

The budgeted selling price for truck tires was \($200\) per tire and for passenger car tires was \($65\) per tire. The beginning finished goods inventories were expected to be 2,000 truck tires and 5,000 passenger tires, for a total cost of \($326,478\), with desired ending inventories at 2,500 and 6,000, respectively, with a total cost of \($400,5\) 10. There was no anticipated beginning or ending work in process inventory for either type of tire.
The standard materials quantities for each type of tire were as follows:

The purchase prices of rubber and steel were \($2\) and \($3\) per pound, respectively.
The desired ending inventories for rubber and steel were 75,000 and 7,500 pounds, respectively. The estimated beginning inventories for rubber and steel were 60,000 and 6,000 pounds, respectively. The direct labor hours required for each type of tire are as follows:

Required:
Prepare each of the following budgets for Glide-Rite for the year ended 2002:
1.Sales budget.
2. Production budget.
3. Direct material budget.
4. Direct labor budget.
5. Factory overhead budget.
6. Cost of goods sold budget.

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Passenger car tires. Truck tires 120,000 25,000