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Required information Problem 9-42 Preparation of Master Budget (LO 9-3, 9-4, 9-5) [The following information applies to the questions displayed below.] FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the following material and labor requirements. The following production-overhead costs are anticipated for the next year. The predetermined overhead rate is based on a production volume of 495,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours. The following selling and administrative expenses are anticipated for the next year. The sales forecast for the next year is as follows: The following inventory information is available for the next year. The unit production costs for each product are expected to be the same this year and next year. Prepare a master budget for FreshPak Corporation for the next year. Assume an income tax rate of 40 percent. Problem 9-42 Part 1 Required: 1. Prepare the sales budget for the next year. (Round "Sales price per unit" to 2 decimal places.) 2. Prepare the production budget for the next year. 3-a. Prepare the direct-material budget for paperboard. 3-b. Prepare the direct-material budget for corrugating medium. Complete this question by entering your answers in the tabs below. Prepare the direct-material budget for paperboard. 3-a. Prepare the direct-material budget for paperboard. 3-b. Prepare the direct-material budget for corrugating medium. Complete this question by entering your answers in the tabs below. Prepare the direct-material budget for corrugating medium. 4. Prepare the direct-labor budget for the next year. (Do not round intermediate calculations. Round "Direct labor required per box (hours)" to 4 decimal places and "Direct labor required for production (hours) " to 1 decimal place.) 5. Prepare the production-overhead budget for the next year. 6. Prepare the selling and administrative expense budget for the next year. 7. Prepare the budgeted income statement for the next year. (Do not round intermediate calculations.)