3. Desired inventory levels: 1-ene 1-abr 1-jul 3 pacitos (bags) goods 8.000 12.000 18.000 Gunm (lbs) Dir Mat 9.000 10.000 13.000 Tahr (lbs) Dir Mat 14.000 20.000 25.000 4. Direct labor: Direct labor time is, per bag 0,25 hours (15 minutes) at an hourly rate of $14,00 per hour. 0,25 x $14,00 per hour = $3,50 5. Selling and administrative expenses are expected to be 15% of sales plus $175.000 Per quarter. 6. Income taxes are expected to be 30% of income from operations. Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be of direct labor cost. 150% (2) The direct materials budget for Tahr shows that cost of Tahr purchases to be in quarter 1 $297.000 in quarter 2. $439.500 Instructions: (a) Prepare each of the following budgets by quarters for the next 6 months. 1-Sales 2-Production 3-Direct materials 4-Direct Labor 5-Factory overhead 6-Cost of Goods Sold 7-Selling and administrative expense budget 8-Budget income statement