Budgetary Planning Peter Pan Company is preparing its annual budget for the year ending December 31, 2022. Their accountants submitted the following data below: Sales budget Anticipated volume in units Unit selling price Product A Product B 400,000 200,000 $ 20 $25 Production budget Desired ending finished goods units 30,000 15,000 Beginning finished goods units 25,000 10,000 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 30,000 10,000 Beginning direct materials pounds 40,000 15,000 Cost per pound $3 $4 Direct labor budget. Direct labor time per unit 0.40 0.60 Direct labor rate per hour $ 12 $ 12 Budgeted income statement Total unit cost $ 13 $ 20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $ 560,000 for product A and $360,000 for product B, administrative expenses of $540,000 for product A and $340,000 for product B. Income taxes are expected to be 30%. Instructions: Prepare the following budgets for the year. Show data for each product. Quarterly budgets should not be prepared. Income Taxes are not allocated to the products 1. Sales 2. Production 3. Direct Materials 4. Direct Labor 5. Income statement.