Boscoe Power Tools manufactures a wide variety of tools and accessories. One of its more popular craft$-$related items is the cord$-$free glue gun. Each glue gun sells for $$30.$ Boscoe expects the following unit sales:

$\backslash$table$[[$January$,8,000],[$February$,7,400],[$March$,8,700],[$April$,9,500],[$May$,9,150]]$

Boscoe's ending finished goods inventory policy is $25$ percent of the following month's budgeted sales.

Suppose each glue gun takes approximately $0\mathrm{.}5$ hour to manufacture, and Boscoe pays an average labor wage of $$18$ per hour.

Each glue gun requires a five components that Boscoe purchases from a supplier at a cost of $$0\mathrm{.}25$ each. The company has an ending direct materials inventory policy of $30$ percent of the following month's production requirements. Materials other than the components total $$3\mathrm{.}25$ per glue gun.

Manufacturing overhead for this product includes $$96,900$ annual fixed overhead $($based on production of $102,000$ units$)$ and variable manufacturing overhead of $$100$ per unit. Boscoe's selling expenses are $5$ percent of sales dollars, and administrative expenses for this product are fixed at $$17,500$ per month.

Required:

Compute the budgeted cost of goods sold for the first quarter.

Compute the budgeted selling and administrative expenses for the first quarter

Complete the budgeted income statement for the glue gun product for the first quarter