d Each finished unt requires 0.50 hours of direct labor at a rate of $18 per hour e Overhead is allocated based on direct labor hours. The predetermined variable overhead rate t Sales represent thes, commissions are 9% of sales and are pad in the month ofthe sales. The g Monthly general and administrative expenses include $15,000 administrative salaries and 0.6% h. The company expects 25% of sales to be for cash and the remaining 75% on credit L All raw matorials purchases are on credit, and no payables arse from any other transactions. J. The minimum ending cash balance for all months Is $50,000. If necessary, the company Is $3.00 per direct labor hour. Depreclation of $25,134 per month is treated as fixed factory overhead sales manager's monthly salary Is $3,300. monthly Interest on the long-term note payable. Recelvables are collected in full In the month following the sale (none are collected in the month of the salel One month's raw materials purchases are fully pald In the next month borrows enough cash using a short-term note to reach the minlmum. Short-term notes requlre an Interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applled to repaying the short-term notes payable balance k DMdends of $13,000 are to be declared and pald In May L No cash payments for income taxes are to be made durting the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. n. Equipment purchases of $133,000 are budgeted for the last day of June. Required Prepare the following budgets and other financial information as required. All budgets and other financial Information should be prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.) 1. Sales budget. 2 Production budget 3. Raw materials budget 4. Direct labor budget 5. Factory overnead budget. 6. Selling expense budget General and administrative expense budget. 8. Cash budget 9. Budgeted Income statement for the entire second quarter (not for each month separately) 10. Budgeted balance sheet Complete this quesion by entering your answers in the tabs below