10. James Company produces basketballs. James predicts total sales of 100,000 basketballs during the first quarter at $80 per basketball. They have developed the following standard cost data for use in determining the cost of producing a basketball: During the first quarter, James expects fixed overhead costs of $50.000 and nonmanufacturing costs of $120,000. Their beginning inventories consisted of 500 units of leather, 1,500 units of rubber, and 10,000 basketballs. James wishes to increase all of these inventories by 10% during the first quarter. Required: Prepare the following budgets in good form. a. Production b. Direct Materials c. Direct Labor d. Manufacturing Overhead