Joshua Hill, Bates & Hill Fabricators' production manager, has just received the company's sales budget for the first quarter: JanuaryFebruary March Budgeted unit sales Budgeted ending inventory Total units required Beginning inventory Budgeted production 19,80038,610 34,650 93,060 5,742 27,522 45,540 40,392 98,802 5,544 7,722 6,930 5,742 5,544 6,930 21,976 37,818 62 93,258 7,722 37,818 33,462 93,258 Its manufacturing overhead budget for the first quarter is as follows: anuary February March Quarter 8,366 23,316 DLH worked VOH per DLH Budgeted VOH Budgeted FOH $0.70$0.70 16,322 111,375 111,375 111,375 334,125 350,447 5,495 $0.70 3,847 9,455 $0.70 6,619 5,856 Total Budgeted MOH115,222 117,994 117,231 Noncash MOH items Depreciation Total Cash MOH cost 29,70029,700 29,700 89,100 $85,522 $88,294 $87,531 $261,347 He also has received the direct materials purchases budget and direct labor budget which were as follows: January February March QuarterApril 3,258 27,522 Budgeted production Standard pounds per unit Production needs 21,978 37,818 33,462 9 109,890 189,090 167,310466,290 137,610 Budgeted ending inventory18,909 16,731 13,761 16,731 $0.40 13,761 128,799 205,821 181,071480,051 18,711 Budgeted purchases (Ibs.) 110,088 186,912 164,340461,340 $0.40 Budgeted purchases cost $44,035, $74,765 $65.736 $184.536 Total DM required (Ibs.) Beginning inventory 18,711 18,909 Standard cost per pound $0.40 $0.40 Budgeted production Standard DLH per unit Total DLH required Standard wage rate Budgeted DL cost January FebruaryMarchQuarter 93,258 x0.25 8,36623,316 x $20 21,978 0.25 5,495 x$20 37,818 0.25 9,455 x $20 33,462 x 0.25 $109,900$169.00 5167,.320$466,320 Joshua plans to have 5,544 finished bricks at a cost of $48,510 in inventory at the beginning of the year. The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $12 per direct labor hour for fixed manufacturing overhead and $0.70 per direct labor hour for variable manufacturing overhead Prepare Bates & Hill's ending inventory and cost of goods sold budget for the first quarter. Assuming that the company has no beginning and ending WIP inventory. (Round unit cost to 3 decimal places, e.g. 0.533 & all other answers to O decimal places, e.g.5,275.) Direct Materials Beginning DM Inventory s 7484.40 Direct Materials Beginning DM Inventory 7484.40 DM Purchases 184536 DM used in Production 186516 Ending DM Inventory 5504.40 $ Finished Goods Inventory Unit Costs Direct Material 2 Direct Labor Overhead 3.175 Total Std. Cost per unit Ending FG Inventory (units) Ending FG Inventory($) 10.175 5742 58424.85 Cost of Goods Sold Beginning WIP Direct Materials used 186516 Direct Labor 466320 Overhead 350447 Total Mfg. Cost 1003283 Ending WIP COGM 1003283 38808 58424.85 983666.15 Beginning FG Inventory # Ending FG Inventory Budgeted COGS