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P1. Coyote Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Sales budget: Anticipated

P1. Coyote Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Sales budget:

Anticipated volume in units of finished good 600,000

Production budget:

Desired ending finished goods units 30,000

Beginning finished goods units

Direct materials budget:

Direct materials per unit of finished good (pounds) 4

Desired ending direct materials pounds 50,000

Beginning direct materials pounds 40,000

Direct labor budget:

Direct labor time per unit of finished good 0.5

Direct labor rate per hour $20

Budgeted income statement:

Total unit cost (COGM/unit) $22

The selling expenses budget is $560,000, while the administrative expenses budget is $540,000. . Interest expense is $150,000 and income taxes are expected to be 30%.

Instructions: Prepare sales, production, direct materials, direct labor, and income statement budgets

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