Filson sells canvas bags. Filson employs a first-in-first-out inventory cost flow and does not have work-in-process inventory. The company is looking to prepare a 2020 operating budget based on the following information: Revenue and Finished Goods: Budgeted annual sales of 12,000 bags, at a selling price of $450 per bag. Sales occur evenly throughout the year. Opening finished goods inventory amounts to 2,000 bags at a cost of $250 per bag. Ending finished goods inventory is targeted to be equivalent to one month of sales, as measured in bags. Direct Materials: Canvas is the only direct material used. Each bag requires 1.75 yards of canvas to produce. Budgeted canvas purchase costs are $80 per yard in 2020. Opening canvas inventory amounts to 10,000 yards at a cost of $70 per yard. Ending canvas inventory is targeted at 20,000 yards. Direct Labour: Filson employs two categories of direct labour, Finishers and Testers. Finishers are paid $30 per hour. Each finisher spends 2 hours per bag produced. . Testers are paid $20 per hour. Each tester spends 1.25 hours per lot of bags produced. Each lot comprises 10 bags. Manufacturing Overhead: Variable manufacturing overhead costs are budgeted at $12 per finisher labour hour. Fixed manufacturing overhead costs are budgeted at $1,250,000 in 2020. Required: Determine the following for 2020, showing your work: Budgeted revenues in dollars. (1 mark) Budgeted direct materials usage in dollars. (2 marks) Budgeted direct materials purchases in yards. (2 marks) Budgeted total direct labour costs in dollars. (2 marks) Budgeted cost per bag in ending finished goods inventory