For the year ending December 31, 2022:

a) Prepare the Sales Budget for the year

b) Prepare the Production budget for the year

c) Prepare the direct materials budget for the year

d) Prepare the direct labor budget for the year

e) Prepare the budgeted income statement for the year. (Note: Income taxes are not allocated to the products.)

Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 360,000 180,000 Unit selling price $30 $35 Production budget: Desired ending finished goods units 27,000 13,500 Beginning finished goods units 22,500 9.000 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 27.000 9,000 Beginning direct materials pounds 36,000 13,500 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $504,000 for product JB 50 and $324,000 for product JB 60, and administrative expenses of $486,000 for product JB 50 and $306,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%