3. Prepare a direct materials purchases budget for January. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 6. Prepare a cost of goods sold budget for January. Work in process at the beginning of January is estimated to be $9,000, and work in process at the end of January is estimated to be $10,500. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 3 more Check My Work uses remaining Next e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Wood $2.50 per ft. Plastic $0.80 per ib. f. Direct labor requirements: Bird House: Fabrication Department 0.40hr, at $18 per hr. Assembly Department 0.20hr, at $12plor hr. Bird Feeder: Fabrication Department 0.25hr, at $18 per hr. Assembly Department 0.10hr, at $12 per hr. 9. Estimated factory overhead costs for January: h. Estimated operating expenses for January: Prepare a budgeted income statement for January. In the Other revenue and expense section, indicate expenses as negative amounts. Birding Homes \& Feeders Inc. Budgeted Income Statement For the Month Ending January 31 Total operating expenses Operating income Other revenue and expense: Income before income tax Net income Budgeted income statement and supporting budgets The budget director of Birding Homes \& Feeders Inc, with the assistance of the controller, treasurer, production manager, and sales managec, has gathered the following data for use in developing the budgeted income statement for January: a. Estimated sales for January: Bird house 15,000 units at $25 per unit Bird feeder 40,000 units at $15 per unit b. Estimated inventories at January 1: Direct materials: Wood 600ft. Plastic 1,000 Ibs. Finished products: Bird house 1,000 units at $15 per unit Bird feeder 2,500 units at $8 per unit c. Desired inventories at Janwary 31 : Direct materials: Wood 500ft. Plastic 1,250 lbs. Finished products: Bird house 1,500 units at $15 per unit Bird feeder 3,000 units at $8 per unit d. Direct materials used in production: In manufacture of Bird House: Wood 0.80ft. per unit of product Plastic 0.10lb. per unit of product Miscellaneous administrative expense 3,500 1. Estimated other revenue and expense for January: j. Estimated tax rate: 25% Required: 1. Prepare a sales budget for January. 2. Prepare a production budget for January. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 7. Prepare a selling and administrative expenses budget for January. 8. Prepare a budgeted income statement for January, In the Other revenue and expense section, indicate expenses as negative amounts. 4. Prepare a direct labor cost budget for January. 5. Prepare a factory overhead cost budget for January