16) A company provides the following information for use in budgeting next period: Sales Expected sales in units 1,000 Selling price $ 200 Standards Standard material price Standard labor rate Standard material per unit Standard labor per unit $ $ 5 Perib. 12 Per hour 5 lbs 2 hours Finished goods inventory Target ending inventory in units Beginning inventory in units 20 15 Direct material inventory Beginning balance Target ending inventory 200 lbs 300 lbs Calculate the budgeted revenues for next period: Calculate the estimated production in units for next period: Calculate the estimated cost of direct material purchases for next period: Calculate the estimated cost of direct labor for next period