Estimated sales for December Product Units Sell Price per Unit 50,000 34 12.000 72 Estimated Inventories, December 1 Material Pounds 4,000 3.500) Product Units 3,800 2,700 Cost per Unit 17 35 Cost of Work in Process 12/1$ 38,450 Estimated Inventories, December 31 Material A B Pounds 3,000 2.500 Product Units 2.500 2.000 Cost per Unit 12 35 Cost of Work in Process, 12/31 $ 39.010 Direct Materials used in production Material Pounds per Pounds per unit of unit of 0.7 12 3.5 18 B Unit costs for direct materials Cost per pound Material A B Direct labor requirements Produd Department 1 Department 2 Hours per unitsRate per hour Hours per unit S Rate per hour 04 12 0.15 16 06 12 0.25 1 F205 Factory overhead actual costs Estimated total $ 314,000 Operating expenses Estimated total $ 685,000 Estimated income tax rate 20% 8,200 80% 80% 90% Cash estimates for December: Estimated cash balance, 12/1$ Sales expected to be collected in cash in December Direct materials purchases expected to be paid in December Direct labor costsexpected to be paid in December Factory ove the ad costs expected to be paid in December Operating expenses expected to be paid in December Income taxes expeded to be paid in December No other cash receipts or payments expected in December Desired casti balance, 121315 75% 20% 30% 102.000 The Budget Director of Richardson Inc., in consultation with other members of executive management, has gathered the following data for use in developing a master budget for operations and a cash budget for December. Use the following data to set up, in good form, the following budgets for December for Richardson Inc.: Sales Budget Production Budget Direct Materials Purchases Budget Direct Labor Cost Budget Cost of Goods Sold Budget Budgeted Income Statement Cash Budget . Be sure each budget has a heading identifying the company name, the budget title, and the time period