Lens Junction sells lenses for $46 each and is estimating sales of 16,000 units in January and 18,000 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 $18 per hour. Desired inventory levels are: 1 Jan. 31 Feb. 28 Mar. 31. Beginning inventory Finished goods 4,500 4,700 5,200 Direct materials: silicon 8,500 9,100 9,200 Direct materials: solution 11,100 12,200 13,200 Prepare a sales budget. Lens Junction. Sales Budget For the Two Months Ending February 28, 20XX January February Expected Sales (Units) 16,000 18,000 Sales Price per Unit 46 46 Total Sales Revenue 736,000 828,000 Total 1,564,000 Feedback Check My Work Prepare a production budget. Lens Junction Production Budget For the Two Months Ending February 28, 20XX January February Expected Sales 16,000 18,000 Add: Desired Ending Inventory 4,700 5,200 Total Required Units 20,700 23,200 Less: Beginning Inventory 4,500 4,700 Required Production 16,200 V 18,500 Total 34,700 Prepare direct materials budget for silicon. Direct Materials Budget for Silicon Lens Junction For the Two Months Ending February 28, 20XX 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 Total Direct Materials Silicon for Two Months Ending February 28, 20XX January February 16.200 18.500 2 2 32,400 37,000 9,100 9,200 41,500 46,200 8.500 9.100 37.100 33,000 25 $ 25 82,500 $92,750 $175,250 Feedback Check My Work Prepare direct materials budget for solution. Lens Junction Direct Materials Budget for Solution For the Two Months Ending February 28, 20XX 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 January February Total Ounces Needed for Production Add: Desired Ending Inventory V Total Material Required Less: Beginning Inventory Ounces of Direct Material Purchase Requirements Cost per Ounce Total Cost of Direct Material Purchase Total Direct Materials Solution for Two Months Ending February 28, 20XX Feedback Check My Work Partially correct Prepare a direct labor budget. Lens Junction Direct Labor Budget For the Two Months Ending February 28, 20XX Units to be Produced Direct Labor Hours per Unit Total Required Direct Labor Hours Labor Cost per Hour Total Direct Labor Cost Total Direct Labor Budget For Two Months Ending February 28, 20XX January February