Lily Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Anaccounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $616,000 for product JB$0 and $396,000 for product JB60, and administrative expenses of $594,000 for product JB 50 and $374,000 for product JB 60 . Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%. Your answer is correct. Prepare the sales budget for the year. Prepare the production budget for the year. Prepare the direct materials budget for the year: Direct Materials per Unit Total Pounds Needed for Production Total Materials Required Less : Beginning Direct Materials (Pounds) Cost per Pound Total Cost of Direct Materials Purchases Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal ploce, e3. 52.5.) (e) The parts of this question must be completed in order. This part will be available when you complete the part above