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PA1. LO 7.2 Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 in February Each lons

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PA1. LO 7.2 Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 in February Each lons consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct laborat a labor rate of $18 per hour. Desired inventory levels are: Jan. 31 Feb. 28 Mar. 31 Beginning inventory Finished goods Direct materials: silicon Direct materials: solution 4,500 8.500 11.200 4.900 9.100 12.000 5,000 9.200 13,000 Prepare a sales budget, production budget, direct materials budget for silicon and solution, and a direct labor budget PA2 LO 7.2 The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated sales $560,000 567.923 29423 10 50,320 Purchases Ending inventory Administrative salaries Marketing expense Sales commissions Rent expense Depreciation expense Ulities Taxes 7.500 1,100 2,500 15** of next month's sales of sales *** of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement

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