Chyz Inc. is preparing its annual budgets for the year ending December 31, 2020. They have the following data (use the last three digits of your student ID for XXX) 9ee, cou Product MC-8 Product EV-20 988000 $25.00 Sales Budget Prior year's sales Anticipated increases Unit selling price %0,000 18.5% $20.00 4096 | Production Budget Desired ending finished goods units Beginning finished goods units 24,000 28,000 14,000 12,000 Direct Materials Budget Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound 2.1 15,000 20,000 2.80 2.9 30,000 20,000 $4.10 Direct Labor Budget Direct labor time per unit Direct labor rate per hour Hours per person per year 4 hr $12.50 2,000 6 hr $13.00 2,000 Budgeted Income Statement Total unit cost $14.05 $22.75 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $660,000 for product MC-8 and $340,000 for product EV-20. The company is planning to buy a new delivery van for $35,000 in May and a new piece of machinery for $35,000 in June. They want to know if they will have enough cash for the purchases or if they will need to borrow funds. Income taxes are expected tobe 34%. Instructions: Prepare the following budgets for the year. Show data for each product. Quarterly budgets should not be prepared. 1. Sales Budget 2. Production Budget 3. Direct Materials Purchases Budget 4. Direct Labor Budget 5. Capital Acquisitions Budget 6. Budgeted Income Statement