Joyce Corporation prepares monthly operating and financial budgets. The operating budgets for June and July are based on the following data: June July Units Produced 400,000 360,000 Units Sold 360,000 400,000 All sales are at $30 per unit. Direct materials, direct labor, and variable manufacturing overhead are estimated at $3, $6, and $3 per unit, respectively. Total fixed manufacturing overhead is budgeted at $1,080,000 per month. Selling and administrative expenses are budgeted at $1,200,000 plus 10% of sales, while federal income taxes are budgeted at 40% of income before federal income taxes. The inventory at June 1 consists of 200,000 units with a cost of $17.10 each. a. Prepare monthly budget estimates of cost of goods sold assuming that FIFO inventory procedure is used. b. Prepare planned operating budgets for June and July