Chapter 7-The Master Budget and Flexible Budgeti Table Chair Binding cane The purchase prices of rattan and binding ca per yard, respectively. The desired ending inventories for rattan and binding cane were 51,000 and 25,500 yards, respectively. The estimated beginning inventories for rattan and binding cane were 34,000 and 17,000 yards, respectively. The direct labor hours required for each type of item were as follows 6 yd 3 yd ne were $5 and $3 AssemblyFinishing Department Department 0.50 0.25 0.25 0.10 The direct labor rate for each department is as follows: Assembly Department Finishing Department... $13 per hour Budgeted factory overhead costs for 2016 were as follows: $ 98,500 132,200 Indirect labor Depreciation of building and equipment....57,500 .$380400 Total Required: Prepare each of the following budgets for Scottsdale Styles for the year ended December 31, 2016: 1. Sales budget. 2. Production budget. 3. Direct material budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Cost of goods sold budget. dget and budgeted income slalement ihcome r prepare a budgeted assuming an income tax rate of 40%. Sales, production, direct materials, direct labor, and factory overhead budgets Scottsdale Styles Inc.'s budgeted unit sales for the year 2016 were: Tables Chairs. P7-4 30,000 120,000 The budgeted selling price for tables was $175 per table, and it was $75 per chair. The beginning finished goods inventories were expected to be 1,000 tables and 4,000 chairs, for a total cost of $240,000, with desired ending inventories at 1,500 and 6,000, respectively, with a total cost of $360,000. There was no anticipated beginning or ending work-in-process inventory for either item. The standard materials quantities for each item were as follows: to roblem 1