Fill out the table. Ignore the other two questions

Required information Problem 9-42 Preparation of Master Budget (LO 9-3, 9-4, 9-5) [The following information applies to the questions displayed below.) FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the following material and labor requirements. Type of Box Direct material required per 100 boxes: Paperboard ($0.28 per pound) Corrugating medium ($0.14 per pound) Direct labor required per 100 boxes ($15.00 per hour) 25 pounds 15 pounds 0.40 hour 65 pounds 25 pounds 0.80 hour The following production-overhead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 470,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours. Indirect material Indirect labor Utilities Property taxes Insurance $ 14,250 60,990 46,500 31,000 24,000 Insurance Depreciation Total 24,000 54,500 $231, 240 The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benefits of sales personnel Advertising Management salaries and fringe benefits Clerical wages and fringe benefits Miscellaneous administrative expenses Total $136,500 30,500 151,000 47,000 7,600 $372,600 The sales forecast for the next year is as follows: Box type C Box type P Sales Volume 475,000 boxes 475,000 boxes Sales Price $145.00 per hundred boxes 205.00 per hundred boxes The following inventory information is available for the next year. The unit production costs for each product are expected to be the same this year and next year. Expected Inventory January 1 Desired Ending Inventory December 31 Finished goods: Box type C Box type P Raw material: Paperboard Corrugating medium 15,500 boxes 25,500 boxes 10,500 boxes 20,500 boxes 16,000 pounds 7,000 pounds 6,000 pounds 12,000 pounds Prepare a master budget for FreshPak Corporation for the next year. Assume an income tax rate of 40 percent. Problem 9-42 Part 3 3-a. Prepare the direct-material budget for paperboard. 3-b. Prepare the direct-material budget for corrugating medium. 7. Prepare the budgeted income statement for the next year. (Do not round intermediate calculations.) $ 1,662,500 Sales revenue Less: Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income tax expense Net income