Comsprehensive Problem 5 Part B: Note This section is a continuetion from. Part A of the comprebenswe problem. Be sure you have completed Part A before atternpting Part B. You may have to refer back. to data presented in Part A and use answers from Part A when compieting this section. Genuine Spioe lne, bepan operations on January 1 of the current yeat. The company produces b-ounce botties of hand and body lotion calied Elernal Beauty, The lotion is sold ahblesale in 12 bottie cases for $100 per case. There is a seling commissiod of $20 per case. The lanuacy direct materlals, direct labar, and factory overhedd costs are as foliows: Part B-August Budgets During July of the current year, the management of Genuine Spice Inc, asked the controlier to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases at $100 per case for Augut. Inventory planning information is provided as foliows: Finithed Goods tmventory? Materials inventory? There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addibion, there was no change cost per unit or estimated units per case operating data from January. Required: 5. Prepare the August production budget. 6. Prepare the August direct materials purchases budget. Enter the unit price to the nearest cent. 6. Prepare the August direct materials purchases budget. Enter the unit price to the nearest cent. 8. Prepare the August factory overhead cost budget. If an amount box does not require an entry, Heave it blank. 9. Prepare the August budgeted income statement, including selling expenses. Comsprehensive Problem 5 Part B: Note This section is a continuetion from. Part A of the comprebenswe problem. Be sure you have completed Part A before atternpting Part B. You may have to refer back. to data presented in Part A and use answers from Part A when compieting this section. Genuine Spioe lne, bepan operations on January 1 of the current yeat. The company produces b-ounce botties of hand and body lotion calied Elernal Beauty, The lotion is sold ahblesale in 12 bottie cases for $100 per case. There is a seling commissiod of $20 per case. The lanuacy direct materlals, direct labar, and factory overhedd costs are as foliows: Part B-August Budgets During July of the current year, the management of Genuine Spice Inc, asked the controlier to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases at $100 per case for Augut. Inventory planning information is provided as foliows: Finithed Goods tmventory? Materials inventory? There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addibion, there was no change cost per unit or estimated units per case operating data from January. Required: 5. Prepare the August production budget. 6. Prepare the August direct materials purchases budget. Enter the unit price to the nearest cent. 6. Prepare the August direct materials purchases budget. Enter the unit price to the nearest cent. 8. Prepare the August factory overhead cost budget. If an amount box does not require an entry, Heave it blank. 9. Prepare the August budgeted income statement, including selling expenses