Bodgeted income statement and supporting budgets 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 Footbali helmet 6,500 units at $160 per unit b. Estimated inventories at March 1: Direct materials: piastic 90 lbs. Foam lining 60 ibs. Finished products: Botting beimet 40 units at 425 per unit Football heimet 240 units at 577 per unit c. Desired inventories of March 317 Direct materials: Pastic 50 ibs. foam iining 65 lbs. Finished products: Batting heimet 50 units ot 525 per unit Football heimet 220 units at $78 per unit d. Direct materials used in production: In manufacture of batting helmet: Plastic 1.2lbs. per unit of product Foam lining 0.5lb. per unit of product In manufacture of football helmet: Plastic 3.5 Ibs. per unit of product Foam lining 1.5lbs, per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6 per Ib. Foam lining $4 per Ib. g. Estimated factory overhead costs for March: h. Estimated operating expenses for March: 1. Estimated other revenue and expense for March: j. Estimated tax rate: 30% 1. Prepare a sales budget for March. Enter all amounts as positive numbers. 2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Prepare a direct materials purchases buiget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers 5. Prepare a factory overhead cost bucget for March. 6. Prepare a cost of goods sold budget 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. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Cost of finished goods available for sale 7. Prepare a selling and administrative expenses budget for March. Gold Medal Athletic Co. Selling and Administrative Expenses Budget For the Month Ending March 31 Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses 8. Prepare a budgeted income statement for March. Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31 Operating expenses: Totol operating expenses Operating income Other revenue and expense: Income before income tax Net income