P2. Hawk's Fashion makes men's jackets and pants, Hawk's accountant has estimated the following cost formulas for factory overhead: Indirect labor costs =$50,000+$12 per direct labor hour Maintenance \& repair =$30,000+$.60 per machine hour Depreciation =$150,000 Others =$60,000+$1.10 per direct labor hour In the coming year, anticipated quantities sold of each type of product with their ending balances appear in the following table: The standard amounts for one piece of each type of product are as follows: Direct labor costs $25 per hour, while direct material costs $6 per square foot Hawk has 80,000 -square feet of direct materials at the end of current year and plan to have 100,000 square feet of direct materials: at the end of the coming year. Hawk will sell jackets for $400 per piece and pants for $100 per piece. Instructions: prepare the following budgets for two scenarios. 1. Sales budgets 2. Production budgets 3. Direct material purchase budgets. 4. Direct labor budgets. 5. Factory overhead budgets