Instructions Part B-August Budgets During July of the current year, the management of Genuine Spice Inc asked the controller to prepare August manufacturing and income statement budgets Demand was expected to be 1,500 cases at $100 per case for August. Inventory planning information is provided as follows Freshed Goods Inventory Cases Cost Estimated finished goods inventory, August 1 Desired finished goods inventory, August 31 300 $12,000 175 7,000 Materials Inventory Cream Base Oils Bottles (oz) (02) (bottles) Estimated matenals inventory, August 1 250 290 600 Desired materials inventory, August 31 1,000 360 240 There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed In addition, there was no change in the cost per unit or estimated units per case operating data from January