Hi i need help with the "Cost of Goods Sold budget" and "Budgeted Income Statement"

as gathered the following budgeting information for next year and has asked you to prepare ster budget. Sales for the final quarter of the prior year total 500 units. Expected sales (in units) for the current year are: 450 (Quarter 1), 300 (Quarter 2), 400 (Quarter 3), and 400 (Quarter 4) Sales for the first quarter of the following year total 600 units. The selling price is $630 per unit in the first three quarters of the year, and $660 per unit in the final quarter. Company policy calls for a given quarter's ending finished goods inventory to equal 50% of the next quarter's expected unit sales. The finished goods inventory at the end of the prior year is 225 units, which complies with the policy. The product's manufacturing cost is $199 per unit, including per unit costs of $120 for materials (8 Ibs. at $15 per lb.), $54 for direct labor (3 hours $18 direct labor rate per hour), $21 for variable overhead, and $4 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreciation on production equipment, $2,600; factory utilities, $3,300, and other factory overhead of $600. Company policy also calls for a given quarter's ending raw materials inventory to equal 40% of next quarter's expected materials needed for production. The prior year-end inventory is 1,200 lbs of materials, which complies with the policy. The company expects to have 1,920 bs. of materials in inventory at year-end. The company has no work in process inventory at the end of any quarter Sales representatives' commissions are 18% of sales and are paid in the quarter of the sales. and $37,000 in the final quarter d. The sales manager's quarterly salary will be $35,000 in the first three quarters of the year e. Quarterly general and administrative expenses include $15,000 administrative salaries, rent expense of $9,000 per quarter, insurance expense of $7.000 per quarter, straight- note payable (12% nnually) Income taxes will be assessed at 35%, and are paid in the quarter incurred. line depreciation of $7,000 per quarter, and 1% monthly interest on the $250,000 long-term f. Direct Mtis Direet Lbr Factory OH Selling Exp Admin Exp Cost of Budget Goods Sold Statement Production Income ales Budget Budget Budget Budget Budget Budget 1 or 1EEE Next e0 8l 3, uha are paid In the quarter incurred. Cost of Income et l Goods Sold Statement ent Prepare the Budgeted Income Statement for the year for Lee Inc. Interest on the $25o,000 long- note payable is 1% per month (12% annually). Income taxes will be assessed at 35%, and are paid in the uirem term quarter incurred. 31, 2018 Cost of goods sold 30,000 30,000 CCost of Goods Sold Next > Income taxes will be assessed at 35%, and are paid in the quarter incurred. Sales Budget BudgetBudget BudgetBudget Budget Production Direct Mtls Direct Lbr Factory OH Selling Exp Admin Exp Cost of Income Goods Sold Statement uirement Prepare the Budgeted Income Statement for the year for Lee Inc. Interest on the $250,000 long- note payable is 1% per month (12% annually). Income taxes will be assessed at 35%, and are paid in the term quarter incurred. Lee Inc e Statement For the year 31, 2018 $988.500 Sales Operating Selling 30,000 30,000 Income tax expense Income taxes will be assessed at 35%, and are paid in the quarter incurred. Sales Budget BudgetBudget BudgetBudget Budget Production Direct Mtls Direct Lbr Factory OH Selling Exp Admin Exp Cost of Income Goods Sold Statement uirement Prepare the Budgeted Income Statement for the year for Lee Inc. Interest on the $250,000 long- note payable is 1% per month (12% annually). Income taxes will be assessed at 35%, and are paid in the term quarter incurred. Lee Inc e Statement For the year 31, 2018 $988.500 Sales Operating Selling 30,000 30,000 Income tax expense