Lens Junction sells lenses for $45 each and is estimating sales of 16,000 units in January and 19,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $20 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods 4,300 4,900 5,100 Direct materials: silicon 8,300 9,200 9,000 Direct materials: solution 11,000 12,100 12,900 Prepare a sales budget. Lens Junction Sales Budget For the Two Months Ending February 28, 20XX January February Expected Sales (Units) Sales Price per Unit Total Sales Revenue Total Prepare a production budget. Lens Junction Production Budget For the Two Months Ending February 28, 20XX January February Expected Sales Add: Desired Ending Inventory Total Required Units Less: Beginning Inventory Required Production Total Lens Junction Direct Materials Budget for Silicon For the Two Months Ending February 28, 20XX January February Units to be produced Direct Material per Unit Total Ounces Needed for Production Add: Desired Ending Inventory Total Material Required Less: Beginning Inventory Ounces of Direct Material Purchase Requirements Cost per Ounce $ $ Total Cost of Direct Material Purchase A $ Total Direct Materials Silicon for Two Months Ending February 28, 20XX Lens Junction Direct Materials Budget for Solution For the Two Months Ending February 28, 20XX January February Units to be produced Direct Material per Unit Total Ounces Needed for Production Add: Desired Ending Inventory Total Material Required Less: Beginning Inventory Ounces of Direct Material Purchase Requirements Cost per Ounce $ $ $ Total Cost of Direct Material Purchase A Total Direct Materials Solution for Two Months Ending February 28, 20XX $ Prepare a direct labor budget. Lens Junction Direct Labor Budget For the Two Months Ending February 28, 20XX January February Units to be produced Direct Labor Hours per Unit Total Required Direct Labor Hours Labor Cost per Hour A $ Total Direct Labor Cost $ $ Total Direct Labor Budget For Two Months Ending February 28, 20XX