4. Chung-Ang Company is a manufacturing firm that provided the following information: Number of units sale (Jan.- Actual) Number of units sale (Feb.- Budget) Number of units sale (Mar.- Budget) Number of units sale (Apr.- Budget) Price per unit Direct Materials per unit Direct Labor per unit Variable Manufacturing Overhead per unit Monthly Fixed Manufacturing Overhead Variable Selling & Administrative expense per unit Monthly Fixed Selling & Administrative expense Inventory Policy of Product Inventory Policy of Raw materials 20,000 20,000 30,000 40,000 $500 3kg x $20 = $60 2h x $5 = $10 2h x $5 = $10 #150,000 $15 $500,000 50% of next period units sale 30% of next period units used Asset Cash Accounts receivable Finished Goods Inventory B/S (Jan) W2,250,000 4,800,000 850,000 Raw Materials Inventory 450,000 Tangible Assets 2,000,000 Accumulated depreciation (150,000) Total Asset W10,200,000 Liabilities and Stockholder's Equity Accounts payable W900,000 Common stock 2,000,000 7,300,000 Retained eamings Total Liabilities and Stockholder's Equity W1,200,000 4-1) 50% of monthly sales are collected in the current period, and 48% are collected in the next period. The remaining 2% is treated as bad debt expense. 60% of the purchase amounts of raw materials shall be paid in the current period, and 40% shall be paid in the next period. At this time, prepare budget income statement and budget balance sheet at the end of February.