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Required information [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 C P Direct material required per 100 boxes: Paperboard ($0.30 per pound) 40 pounds 80 pounds Corrugating medium ($0.15 per pound) 30 pounds 40 pounds Direct labor required per 100 boxes ($18.00 per hour) 0.25 hour 0.50 hour The following production-overhead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 400,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours. Indirect material 5 12,150 Indirect labor 95,850 Utilities 31,500 Property taxes 21,000 Insurance 16,000 Depreciation 33,500 Total $210:000 The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benefits of sales personnel $115,500 Advertising 23,500 Management salaries and fringe benefits 137,000 Clerical wages and fringe benefits 40,000 Miscellaneous administrative expenses 6,200 Total $322,200 The sales forecast for the next year is as follows: Sales Volume Sales Price Box type C 405,000 boxes $125.00 per hundred boxes Box type P 405,000 boxes 185.00 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 Desired Ending Inventory January 1 December 31 Finished goods: Box type C 12,000 boxes 7,000 boxes Box type P 22,000 boxes 17,000 boxes Raw material: Paperboard 16, 000 pounds 6, 000 pounds Corrugating medium 6,000 pounds 11,000 pounds Prepare a master budget for FreshPak Corporation for the next year. Assume an income tax rate of 40 percent. K 7. Prepare the budgeted income statement for the next year. (Do not round intermediate calculations.) ess: Cost of goods sold noome before taxes ncome tax expense Selling and administrative expenses 322,200