COMPANY INFORMATION:EXHIBITON FURNITURE Exhibition Furniture is a desk manufacturer, has been operatin in Sydney for 12 years. It makes executive desks e. the Chaiman desks. In spring 2017, Exhibition furniture s management accountant prepares to arrange budgets for 2018. The following data are gathered to prepare the annual budget Materials and Labour reguirements Direct materials Oak tops Oak legsne labour 3 squaremetres per desk 4 per desk 3 hours per desk Direct manufacturing Exhibition furniture's CEO expect to sell 2,000 desks during 2018 at an cstimated retail price of S 800 per desk. Morcover, the CEO expects 2018 beginning inventory of 200 desks, and only 300 desks are in stock at the end of 2018 Direct material iventories Beginning Inventory 1/1/201 18 Ending Inventory 31/12/2018 Oak t Oak legs 40 100 24 80 Manufacturing overhead (fixed and variable s allocated to each desk on the basis of budgeted direct manufacturing labour hours per desk. The budgeted variable manufacturing overhead rate for 2018 is S20 per direct manufacturing labor hour The budgeted fixed manufacturing overhead is S50,000. Variable marketing costs are allocated at the rate S100 per sales visit. The marketing plan calls for 20 visits during 2018. There are S10,000 in fixed non- manufacturing cost budgeted for 2018. Other data included Oak tops Oak legs 2017 unit S100 per squaremetres S 5 per le 2018 unit $120 per squaremetres S 7 per l S 55 per hour t manufacturing labour S 50 per hour The inventoriable unit cost for ending finished goods inventory on 31 December 2017 is S4,000. Exhibition Fumiture uses FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations. Budgeted balances at 31 December 2018 in the selected accounts are Cash Property Plant and Equipment (net) Current Liabilities Non-current liabilities Shareholders' equity S20,000 550,000 30,000 9,340 630,000