Budgeted income statement and supporting buchats 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 540 per uait Footbail heimet 6,500 units at $160 per unit b. Estimated Inventories at Mareh 1: Direct materiais: Plastic 90 los. Foarn lining BO lbs. Finished products: Batting helmet 40 units at 425 per unit footbal heimet 240 unve at 477 per unit c. Desired invertories at March 31. pirect materiain: Piactic 50 los. Fonm ining 65 as. Finished preducts: Bstting halmet 50 units at 525 per unit Foothall helmet 220 units at $78 per unit Finished products: Batting helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit d. Direct materials used in production: In manufacture of batting helmet: Plastic 1.2 lbs. per unit of product Foam lining 0.5lb. per unit of product In manufacture of football helmet: Plastic 3.5lbs. 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 lb. f. Direct labor requirements: Batting helmet: Molding Department 0.2hr, at $20 per hr. Assembly Department 0.5hr, at $14 per hr. Football helmet: Molding Department 0.5hr. at $20 per hr. Molding Department 0.2hr. at $20 per hr. Assembly Department 0.5hr. at $14 per hr. Football helmet: Molding Department 0.5hr. at $20 per hr. Assembly Department 1.8hrs, at $14 per hr. g. Estimated factory overhead costs for March: i. Estimated other revenue and expense for March: Interest revenue $940 Interest expense 872 j. Estimated tax rate: 30% Required: 1. Prepare a sales budget for March. Enter all amounts as positive numbers. 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. 3. Prepare a direct materiais purchases budget for March. For those boxes in which you must enter subtracted or neaatiun minus sig 4. Prepare a direct latber coot budget for March, Enter all amounts as positive numbers. Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31 4. Prepare a direct laboc cost budgat for March. Enter all amounts as positive numbers. Gold Medal Athletic Co. Direct Labor Cost Budget 5. Prepare a foctory overhesd cost budget for March. 5. Prepara a factory overhead cont budget for March. 6. Prepare a cost of goods soid budget for March, Workin procest ot the beginning of March is estimated to be 115,300 , and work in process at the end of March is desired to be s14,000. For those boxes in which you must enter subtracted or negative numbers use a minus ulon. 6. Prepare a cost of goods zola budgat for March. Work in process at the beginning of March is estimated to be s.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. 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. 8. Prepare a budgeted Income statement for March. Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31 Operating expenses: Total operating expenses Operating income Other revenue and expense: Income before income tax Net income