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Pharoah Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below. Product Product JB 50 JB 60 401,600 $21 203,100 $27 27,100 31,100 17,000 13,300 3 Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget. Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget. Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 33,300 41,800 $3 17.600 12,000 $3 0.4 $11 0.6 $11 $13 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $662,000 for product JB 50 and $365,000 for product JB 60, and administrative expenses of $544,000 for product JB 50 and $345,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Your Answer Correct Answer (Used) Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, e.g. 52.5.) PHAROAH INC. Direct Labor Budget For the Year Ending December 31, 2020 JB 50 JB 60 Total Units to be produced 397.500 205,800 Direct Labor Time (Hours) per Unit 04 0.6 Total Required Direct Labor Hours irect Labor Hours 159,040 11 124.080 11 Direct Labor Cost per Hour $ $ Total Direct Labor Cost 1.749,440 1,364,880 S 3.114,320 Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). PHAROAH INC. Budgeted Income Statement JB 50 JB 60 Total e Textbook and Media Interest Expense Income from Operations Beginning Inventory Income Tax Expense Ending Inventory Income before Income Taxes Sales Cost of Goods Sold Administrative Expenses Operating Expenses Selling Expenses Gross Profit Purchases Total Operating Expenses Net Income /(Loss)