Etimated Denvelopment Price Unit Cost Cost Below are the details of products you are responsible for in your current job at NJIT Manufacturing Company. All 3 products are new products recent developed by your company. You have determined estimated sales for each of the three products for the first six months of 2020. You also have worked with the production department to determine the variable costs per unit. As these are NEW products, they have development costs as indicated below. These Fixed costs are to be amortized equally over the first 6 months of sales 0.ed Additional information 1) Average sales price to your customers are 50% of retail 2) Average returns from customers for damaged goods are 5% of gross sales. These returns are considered damaged & thus are destroyed 3) Other variables sales & distribution costs are estimated at 10% of 5.00 gross Sales 200 500 You are requested to prepare a Financial Budget Estimated Sales & Direct production costs 2020 Retail Sales Estimated Development Units Price Unit Cost Cost $60,000.00 Product i 85718 Jan-20 $40.00 $4.60 3,500 Feb-20 2,500 3,400 9,000 7,300 Mar-20 Apr-20 May-20 Jun-20 7,000 Product # 85876 $35.00 $4.00 $30,000.00 Jan-20 1,300 Feb-20 300 Mar-20 200 Apr-20 600 May-20 700 Jun-20 1,300 Product # 85767 $50.00 $5.50 $30,000.00 Jan-20 200 Feb-20 500 Mar-20 500 Apr-20 May-20 400 1,300 Jun-20 1,100 NJIT Manufacturing Company Sales Budget for Products # 85718, 85876, 85767 For the six months ending June 30, 2020 ol 20 3products May June Total Feb March April Jan Gross Sales Units Product 85718 Product 85876 Product 85767 Total Dollars Product 85718 Product 85876 Product 85767 TOTAL GROSS SALES Returns Net Sales Cost of Goods Sold Manufacturing Cost Product 85718 Product 85876 Product 85767 Variable MFG Costs Amortization of Development Cost Total MFG Cost Gross Profit Selling & Distribution Costs Net Income Before SGA Your Assignment: 1) Complete the Sales Budget for the first six months of 2020 for the 3 products you have developed. 2) Based on the anticipated sales levels & related variable & fixed costs, your boss has questioned what product is the most profitable ? Prepare a budget by product showing the profitability of each product in total for the six months. Below is a suggested format Product # 85718 85876 85767 Total Gross Sales Units TOTAL GROSS SALES Returns Net Sales Cost of Goods Sold Manufacturing Cost Amortization of Development Cost Total MFG Cost Gross Profit Selling & Distribution Costs Net Income Before SGA as at