Homework Chapter 23 Saud Company is preparing its annual budgets for the year ending December 31, 2018. The managerial accountant furnish the data shown below. The managerial accountant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling, general and administrative expenses: variable 4% of sales, fixed $80,000 for product A and B. Instructions: 1. Prepare the following budgets for the year. Show data for each product. You do not need to prepare quarterly budgets. a. Sales b. Production c. Direct materials d. Direct labor e. Income statement