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Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2019 follow: Finished Components Requirements for each finished component: 10 pounds 8 pounds 4 pounds 1 pound 3 hours 2 pounds 2 hours RM 3 Direct labor Product information: Sales price Sales (units) Estimated beginning inventory (units) Desired ending inventory (units) $ 190 12,000 160 12,000 370 300 200 Direct Materials Information BHIRM2 RM3 5 $ 1.50 $ @.50 3.400 2.000 700 3,500 1,800 2,000 Cost per pound Estimated beginning inventory in pounds Desired ending inventory in pounds The firm expects the average wage rate to be $25 per hour in 2019. Spring Manufacturing uses direct labor hours to apply overhead. Each year the firm determines the overhead application rate for the year based on budgeted direct labor hours for the year. The firm maintains negligible Work-in-Process Inventory and expects the cost per unit for both beginning and ending inventories of finished products to be identical. Indirect materials-variable Miscellaneous supplies and tools-variable Indirect laborvariable Supervision-fixed Payroll taxes and fringe benefits-variable Maintenance costs-fixed Maintenance costs-variable Depreciation fixed Heat, light, and power-fixed Heat, light, and power-variable Total Factory Overhead Information 15.00 4.500 40,000 90,000 300.000 21.00 10.07 71,340 43.430 10,000 S 685.342 Advertising Sales salaries Travel and entertainment Depreciation-warehouse Office salaries Executive salaries Supplies Depreciation-office Total Selling and Administrative Expense Information 61.ee 170,000 65.000 4.7ee 61,800 250,000 4,5ee 6,280 $ 622,480 The effective income tax rate for the company is 40%. Required: 1. Prepare the Sales budget for 2019 2. Prepare the Production budget for 2019 3. Prepare the Direct materials purchases budget (units and dollars) for 2019. 4. Prepare the Direct labor budget for 2019. 5. Prepare the Factory overhead budget for 2019. 6. Prepare the Cost of goods sold and ending finished goods inventory budgets for 2019. 7. Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses, and Administrative Expenses for 2019 8. Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2019 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Cost of goods sold and ending finished goods inventory budgets for 2019. (Round your intermediate calculations to 2 decimal places.) SPRING MANUFACTURING COMPANY Ending Finished Goods Inventory and Budgeted CGS For the Year 2019 C12 D 57 Total 24,000 Sales volume Cost of goods sold $ 0 $ 0 $ 0 Ending finished goods inventory Budgeted ending inventories 0 $ 0 $ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses, and Administrative Expenses for 2019. SPRING MANUFACTURING COMPANY Selling and Administrative Expense Budget For the Year 2019 Selling expenses: Administrative expenses: Total selling and administrative expenses (Required 6 Required 8 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2019. (Round your intermediate calculations to 2 decimal places.) SPRING MANUFACTURING COMPANY Budget Income Statement For the Year 2019 C12 0 57 Total Required 7 Required )