\begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Hardin Fabrications is preparing its master budget for the third quarter. } \\ \hline Average sales price of merchandise & $220.00 \\ \hline Average ingots of steel per unit & 3.5 \\ \hline Cost of one steel ingot & $17.00 \\ \hline Direct labor hours per unit & 1.5 \\ \hline Direct labor rate per hour & $19.00 \\ \hline \multicolumn{2}{|c|}{ Projected Sales in Units } \\ \hline January & 1,500 \\ \hline February & 1,875 \\ \hline March & 1,750 \\ \hline April & 2,000 \\ \hline May & 1,200 \\ \hline June & 1,900 \\ \hline July & 2,250 \\ \hline August & 2,100 \\ \hline September & 1,650 \\ \hline October & 3,200 \\ \hline November & 1,400 \\ \hline December & 1,900 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Direct Labor Budget } \\ \hline & July & August & September & Total \\ \hline Total Production & & r & \begin{tabular}{l} 1 \\ T \end{tabular} & r1 \\ \hline Direct Labor Hours per Unit & r & r & r & r \\ \hline Total Direct Labor Hours Needed for Production & T & & T & \\ \hline Cost per Direct Labor Hour & r & r & r & r \\ \hline Total Cost of Direct Labor & r & & T & \\ \hline \multicolumn{5}{|c|}{ Manufacturing Overhead Budget } \\ \hline & July & August & September & Total \\ \hline \multicolumn{5}{|l|}{ Total Production } \\ \hline Variable Overhead per Unit Produced & r & r & r & r \\ \hline Total Variable Overhead & & 7 & & \\ \hline Fixed Overhead per Unit & T & r & r & r \\ \hline Total Fixed Overhead & T & T & & T \\ \hline \multicolumn{5}{|l|}{ Total Overhead } \\ \hline \multicolumn{5}{|c|}{ Cost of Goods Sold Budget } \\ \hline & July & August & September & Total \\ \hline \multicolumn{5}{|l|}{ Sales Units } \\ \hline Direct Materials Cost per Unit & r & r & r & r \\ \hline Direct Labor Cost per Unit & r & r & r & r \\ \hline Variable Overhead Cost per Unit & r & r & r & r \\ \hline Fixed Overhead Cost per Unit & & r & r & r \\ \hline Total Product Cost per Unit & & T & & T \\ \hline Cost of Goods Sold & & T & T & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Selling and Administrative Expense Budget } \\ \hline & July & August & September & Total \\ \hline Sales Units & & & & \\ \hline Variable Selling Expense per Unit & & r & r & r \\ \hline Total Variable Selling Expense & T & T & T & T \\ \hline Fixed Administrative Expense (for the month) & & r & r & r \\ \hline Total Selling and Administrative Expense & T & T & T & T \\ \hline \multicolumn{5}{|c|}{ Hardin Fabrications } \\ \hline \multicolumn{5}{|c|}{ Budgeted Income Statement } \\ \hline \multicolumn{5}{|c|}{ For the Quarter Ended September 30, 20XX } \\ \hline & July & August & September & Total \\ \hline \multicolumn{5}{|l|}{ Sales } \\ \hline Cost of Goods Sold & & r & r & r \\ \hline Gross Profit & T & T & T & T \\ \hline Selling and Administrative Expense & r & r & r & r \\ \hline Net Operating Income & T & T & T & \\ \hline \end{tabular}