Current Attempt in Progress Cullumber Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 512,000 256,000 Unit selling price $20 $25 Production budget: Desired ending finished goods units 38,400 19.200 Beginning finished goods units 32,000 12,800 Direct materials budget: Direct materials per unit (pounds) 3 Desired ending direct materials pounds 38,400 12,800 Beginning direct materials pounds 51,200 19,200 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.40 0.60 Direct labor rate per hour $12 $12 Direct labor time per unit 0.40 0.60 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost 83 $13 520 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $716,800 for product JB 50 and $460,800 for product JB 60, and administrative expenses of $691,200 for product JB 50 and $435,200 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20% (a) Your answer is correct. Prepare the sales budget for the year. CULLUMBER INC. Sales Budget For the Year Ending December 31, 2022 JB 50 SUPPOR JB 60 Total Prepare the sales budget for the year. (b) Expected Unit Sales Unit Selling Price $ Total Sales eTextbook and Media Your answer is correct. CULLUMBER INC. Sales Budget For the Year Ending December 31, 2022 JB 50 duction hudent for the year. 512000 20 10240000 JB 60 256000 25 6400000 Total 16640000 Attempts: 1 of 3 used P Your answer is correct. Prepare the production budget for the year. CULLUMBER INC. Production Budget For the Year Ending December 31, 2022 Expected Unit Sales JB 50 512000 JB 60 256000 Add Desired Ending Finished Goods Units 38400 19200 Total Required Units 550400 275200 Less : Beginning Finished Goods Units 32000 i 12800 Required Production Units 518400 262400 eTextbook and Media Units to be Produced Direct Materials per Unit CULLUMBER INC. Direct Materials Budget For the Year Ending December 31, 2022 JB 50 JB 60 518400 2 262400 3 Total Pounds Needed for Production 1036800 787200 Add Desired Ending Direct Materials (Pounds) 38400 12800 Total Materials Required 1075200 800000 Less: Beginning Direct Materials (Paund)) 51200 19200 Direct Materials Purchases 1024000 700000 Cost per Pound 3 Total Cost of Direct Materials Purchases 3072000 $ 3123200 SUPPORT obe Produced CULLUMBER INC. Direct Labor Budget For the Year Ending December 31, 2022 JB 50 518400 JB 60 262400 Labor Time (Hours) per Unit 040 060 tequired Direct Labor Hours 207360 157440 Labor Cost per Hour $ 12 $ 12 Direct Labor Cost 2488320 1889280 Total 4377600 CULLUMBER INC. Budgeted Income Statement JB 50 JB 60 Total SUPPORT Total Operating Expenses Income Tax Expense Income before Income Taxes Purchases Gross Profit Ending Inventory Interest Expense Cost of Goods Sold Income from Operations Beginning Inventory Sales Administrative Expenses Net Income/(Loss) Selling Expenses Operating Expenses $ 3.2/4 JB 50 JB 60 Total $ $ SUPPO