Manoa Inc. has gathered the folowing budgeting Information for next year and has asked you to prepare ther master budget a. Sales for the final quarter of the prior year total 2.200 unts. Expected sales (in unts) for the current year are: 1,980 (Quarter 1). 1320 Quarter 2.1,760 (Quarter 3), and 1,760 (Quarter 4). Sales for the first quarter of the following year total 2640 units. The selling price is $550 per unlt in the first three quarters of the year, and $580 per unft in the final quarter Company policy calls for a given quarter's ending finished goods inventory to equal 70% of the next quarter's expected unit sales. The finished goods inventory at the end of the prior year ts 1386 units, which compttes with the policy. The product's manufacturing cost is $199 per unit. including per unit costs of $72 for materials (6 lbs. at $12 per lb.). $96 for direct labor (4 hours x $24 direct labor rate per hour, $19 for varlable overhead, and $12 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreclation on production equipment 35.000 factory utities, $43,700, and other factory overhead of $8.684 b. Company policy also calls for a given quarter's ending raw materials inventory to equal 50% of next quarter's expected materials needed for production. The prior year-end inventory is 4,554 ibs of matertals, which complies with the policy. The company expects to have 7.920 lbs. of materials in Inventory at year-end. The company has no work in process inventory at the end of any quarter c. Sales representatives' commissions are 12% of sales and are paid in the quarter of the sales. The sales managers quarterly salary wil be $89.000 in the first three quarters of the year, and $95.000 in the final quarter d Quarterly generai and administrative expenses Include $38,000 administrative salaries, rent expense of $23,000 per quarter, insurance expense of $18.000 per quarter, straight- line depreciation of $18,000 per quarter, and 1% monthly interest on the $400,000 long-term note payable (12% annually). e. Income taxes wnt be assessed at 20%, and are paid in the quarter incurred. Manoa Inc. has gathered the folowing budgeting Information for next year and has asked you to prepare ther master budget a. Sales for the final quarter of the prior year total 2.200 unts. Expected sales (in unts) for the current year are: 1,980 (Quarter 1). 1320 Quarter 2.1,760 (Quarter 3), and 1,760 (Quarter 4). Sales for the first quarter of the following year total 2640 units. The selling price is $550 per unlt in the first three quarters of the year, and $580 per unft in the final quarter Company policy calls for a given quarter's ending finished goods inventory to equal 70% of the next quarter's expected unit sales. The finished goods inventory at the end of the prior year ts 1386 units, which compttes with the policy. The product's manufacturing cost is $199 per unit. including per unit costs of $72 for materials (6 lbs. at $12 per lb.). $96 for direct labor (4 hours x $24 direct labor rate per hour, $19 for varlable overhead, and $12 for fixed overhead. Annual fixed overhead consists, incurred evenly throughout the year, consist of depreclation on production equipment 35.000 factory utities, $43,700, and other factory overhead of $8.684 b. Company policy also calls for a given quarter's ending raw materials inventory to equal 50% of next quarter's expected materials needed for production. The prior year-end inventory is 4,554 ibs of matertals, which complies with the policy. The company expects to have 7.920 lbs. of materials in Inventory at year-end. The company has no work in process inventory at the end of any quarter c. Sales representatives' commissions are 12% of sales and are paid in the quarter of the sales. The sales managers quarterly salary wil be $89.000 in the first three quarters of the year, and $95.000 in the final quarter d Quarterly generai and administrative expenses Include $38,000 administrative salaries, rent expense of $23,000 per quarter, insurance expense of $18.000 per quarter, straight- line depreciation of $18,000 per quarter, and 1% monthly interest on the $400,000 long-term note payable (12% annually). e. Income taxes wnt be assessed at 20%, and are paid in the quarter incurred