6-29 REVENUE AND PRODUCTION BUDGETS.(CPA, adapted) Two products are manufactured by the Fraser Corporation: Widgets and Thingamajigs. In July 2018, the controller of Fraser, upon instructions from senior management, had the budgeting department gather the following data in order to prepare budgets for 2019: LO 2 2. Production: Widgets, 65,000 units Thingamajigs, 41,000 units 2019 Projected Sales Product Units Price Widget 60,000 $198 Thingamajig 40,000 $300 2019 Inventories in Units Product Expected January 4 2019 Target December 31, 2019 Widget 22,000 27,000 Thingamajig 10,000 11,000 The following direct materials are used to produce one unit of Widget and Thingamajig: Amount Used per Unit Direct Material Unit Widget Thingamajig Kilograms 4 5 5 B Kilograms 2 3 Each 0 1 Projected data for 2019 with respect to direct materials are as follows: Direct Material Anticipated Purchase Price Expected Inventories, January 1, Target Inventories, December 31, 2019 2019 A $14 36,000 32,000 kilograms kilograms 00 $7 29,000 32,000 kilograms kilograms $ 5 6,000 units 7,000 units Projected direct manufacturing labour requirements and rates for 2019 are as follows: Product Hours per Unit Rate per Hour Widget 2 $15 Thingamajig 3 19 Projected direct manufacturing labour requirements and rates for 2019 are as follows: Product Hours per Unit Rate per Hour Widget 2 $15 Thingamajig 3 19 Manufacturing overhead is allocated at the rate of $24 per direct manufacturing labour-hour. Required Based on the preceding projections and budget requirements for Widgets and Thingamajigs, prepare the following budgets for 2019: 1. Revenue budget (in dollars). 2. Production budget (in units). 3. Direct materials purchases budget (in quantities). 4. Direct materials purchases budget (in dollars). 5. Direct manufacturing labour budget (in dollars). 6. Budgeted finished goods inventory at December 31, 2019 (in dollars)