Cruise Tire Companys budgeted unit sales for the year 2011 were: Passenger car tires . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000 Truck tires . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 The budgeted selling price for truck tires was $200 per tire, and that for passenger car tires was $65 per tire. The beginning finished goods inventories were expected to be 2,000 truck tires and 5,000 passenger tires, for a total cost of $326,478, with desired ending inventories at 2,500 and 6,000, respectively, with a total cost of $400,510. There was no anticipated beginning or ending work in process inventory for either type of tire. The standard materials quantities for each type of tire were as follows: Truck Passenger Car Rubber . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 lb 10 lb Steel belts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 lb 1.5 lb The purchase prices of rubber and steel were $2 and $3 per pound, respectively. The desired ending inventories for rubber and steel were 60,000 and 6,000 pounds, respectively. The estimated beginning inventories for rubber and steel were 75,000 and 7,000 pounds, respectively. The direct labor hours required for each type of tire were as follows: Molding Department Finishing Department Truck tire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25 0.15 Passenger car tire . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10 0.05 The direct labor rate for each department is as follows: Molding Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15 per hour Finishing Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13 per hour Budgeted factory overhead costs for 2011 were as follows: Indirect materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $198,500 Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,200 Depreciation of building and equipment . . . . . . . . . . . . . . . . . . . . . . . . . 157,500 Power and light . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,900 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $692,100 Required: Prepare each of the following budgets for Cruise for the year ended 2011: 1. Sales budget. 2. Production budget. 3. Direct material budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Cost of goods sold budget