Dexter Manufacturing Company is in the process of preparing the annual master budget for the year ending December 31, 2018. An inter-departmental team furnishes the data shown below for its one product: Information related to Sales budget: --Anticipated volume in units --Unit selling price 400,000 $20.00 30,000 25,000 Information related to Production budget: --Desired ending finished goods units --Beginning finished goods units Information related to Direct Materials budget: -- Direct materials per unit (pounds) --Desired ending direct materials pounds --Beginning direct materials pounds --Cost per pound Information related to Direct Labor budget: --Direct labor time (hours) per unit --Direct labor rate per hour Information related to Budgeted income statement: -- Total unit cost 30,000 40,000 $3.00 0.4 $12.00 $13.00 One of the team members has already prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $560,000, and administrative expenses of $540,000. Interest expense is $50,000. Income taxes are expected to be 30%. Instructions: Prepare the following budgets for the year; quarterly budgets do not need to be prepared. Work should be done in professional format (not hand-written). Work may be done in Excel or Word (Excel is recommended). Completed project should be submitted via the course Canvas site. (a) Sales. (b) Production. (c) Direct materials. (d) Direct labor. (e) Multiple-step income statement