Budgeted Income Statement and Supporting Budgets The budget director of Gold Medal Athletic Co, with the assistance of the controller, treasurer, production manager, and sales managec, has gathered the following data for use in developing the budgeted income statement for March: 3. Estimated sales for March: Batting heimet 1,200 units at $40 per unit Football heimet 6,500 units at $160 per unit b. Estimated inventories at March 1: Direct materials: Plastic Foam lining Finished products: Eatting helmet Football helmet 90ib. 8010. 40 units ot $25 per unit 240 units at 577 per unit c. Desired inventories at March 31: Direct materials: Plastic 50ib. Foam lining 65 to Finished products: Batting heirnet 50 units at 525 per unit: Football nelmet 220 units at $78 per unit d. Ouect materals used in production: in manufacture of botting helmet: plastic 1.20ib. per unit of product Foam lining 1:50 tb. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Sales salaries expense Advertising expense Office salanes expense Depreciation expense-office equipment Telephone expense-selling Telephene expense-administrotive Travel expense-selling. Office supplies expense Miscellaneous administrative expense 1. Estimated other income and expense for March: Interest revenue Interest expense 3. Estimated tax rate: 30% Required: Required: $184,30087,20032,400 3,800 5,800 1,200 9,000 1,100 1,000 $940 87 1. Prepare a saies buoget for March. Gold Medal Athietic Co. Sales ludget For the Month Ending March 31 1. Prepare a sales budget for March. Gold Medal Athletic Co. Sales Budget For the Month Ending March 31 2. Prepare a production budget for March. 3. Prepore a direct materials purchases budget for March. Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31 4. Prepare a direct labor cout budget for March. 4. Prepare a direct tobor cost budget for March. Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31 5. Prepare a tactory overhead cost budget for March. 5. Prepore a foctory overhead cost budget for March. 6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be 515,300 , and work in process at the end of March is desired to be $14,800. 7. Prepare a seling and administrative expenses budget for March. 7. Prepare a seling and administrative expenses budget for March. 8. Prepare a budgeted income statement for Mareh. 8. Prebare a hadinefed inrnme etahamant for Manol