Follete Inc. operates at capacity and makes plastic combs and hairbrushes. Follete Inc. is planning its annual budget for fiscal year 2011. Information for 2011 follow Input Prices Direct materials Plastic Bristles Direct Manufacturing Labor $0.20 50.50 $27 per ounce per bunch per direct manufacturing labor hour Input Quantities per Unit of Output Combs Direct Materials Plastic Bristles Direct manufacturing labor Machine-hours (MHD 0 0.05 0.025 Jounces bunches hours MH Unit Bristles 1.22 2272 $9.46 Unit bunches bunches un Inventory Information, Direct Materials Plastic Beginning Inventory LO Target ending Inventory 1.766 Cost of beginning inventory $304 Follete Inc, accounts for direct materials using a FIFO cost flow Sales and Inventory Information, Finished Goods Combs Expected sales in units 12.000 Selling price 56 Target ending inventory in 1.200 600 Beginning inventory in units Beginning inventory in dollars $1,800 $60,70 out of which haltare Administrative expenses 30% $20,100 out of which are sale commissions equal to: of sales revenue Non manufacturing fixed cost for year 2011 equal to: Administrative expenses are expected to increase by The total variable nonmanufacturing cost equal Required: NB: YOU NEED TO SHOW YOUR DETAILED CALCULATIONS. 1. Prepare the revenues budget 2. Prepare the production budget in units 3. Prepare the direct material purchases budget 4. Prepare the Direct manufacturing labor cost budget 5. Prepare the Nonmanufacturing costs budget