5. Prepare a factory overhead cost budget for March. 6. Prepare a cost of goods vold bodget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800 7. Prepare a selling and administrative expenses lusdget for March. 8. Prepare a budgeted income statement for March. 4. Total direct labor cost in Assembly Dept., $171,766 PR 22-3B Budgeted income statement and supporting budgets (08). 4 The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March: a. Estimated sales for March: Batting helmet 1,200 units at $40 per unit Football helmet. 6,500 units at $160 per unit (Continued) b. Estimated inventorics at March 1 Directmateral: Foum lining: Finished products Barting heimet. footiult tivent 40 units at 525 per unit 240 urits at 577 per unt 30 units at 525 per unit 220 units at 57 s per unit d. Direct materials used in production: in manufacture of batring helmet: Platic. Finhted products: ic. Desired imentotio at Mtanch 31. Dinkat materiaks 90ki Plante. 30m. Exting helmet fockball helmat Feam lining 1.20 in - per unit of product in manufacture of flootball helmert: osele per unic of product Pastic. 350 ka perunit of product foam tining 1.50lb, per unir of product e. Anticipated cost of purchases and beginning and endieg inventory of direct materials. Plastic. socouper lo. Foam lining seoppertio. h. Estimated operating expenses for March: i. Estimated other income and expense for March: intereit revenue 590 interest expence in 1. Estimated tax rate 30N Instructions 1. Prepare a sales budget for March. 2. Prepare a production budget for March. 3. Prepare a direct materials porchases bodget for March. 4. Prepare a direct labor cost bodket for March