PA7 LO 7.3Fill in the missing information from the following schedules: Sales Budget For the Year Ended December 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Expected sales (units) 7,500 8,250 8,750 9,000 Sales price per unit $ 45 50 $ $ 55 Total sales revenue $337,500 $412,500 $437,500 Total ? 50 ? Production Budget For the Year Ended December 31, 2018 Quarter 1 Quarter 2 Quarter 3 7,500 8,250 8,750 1.650 1,750 1,800 9,150 10,000 10.550 1,500 1.650 1,750 7,650 8,350 8.800 Quarter 4 9,000 Expected sales Desired ending inventory Total required units - beginning inventory Required production Total Q1, Year 2 8,000 900 8,900 1,600 7.300 10,600 1,800 Direct Materials Budget For the Year Ended December 31, 2018 Quarter 1 Quarter 2 Quarter 3 7,650 8,350 8.800 2 2 Quarter 4 8.800 2 Total 33.600 2 Units to be produced Direct material per unit Total pounds needed for production + desired ending inventory Total material required - beginning inventory Pounds of direct material purchase requirements Cost per pound Total cost of direct material purchase Total 15.300 4,175 19,475 0 16,700 4,400 21,100 4 175 17,600 4.400 22.000 4.400 17,600 3.650 21,250 4,400 67,200 3.650 70,850 0 19,475 $ 1.50 16,925 $1.50 17,600 $ 1.50 16,850 $ 1.50 $ 70,850 1.50 $29.213 $25,388 $26.400 $25,275 $106,275 $106,275 Total Direct Labor Budget For the Year Ended December 31, 2018 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Units to be produced 7,650 8,350 8,800 Direct labor hours per unit 0.75 0.75 0.75 0.75 Total required direct labor hours 5.738 6,263 6,600 6,600 Labor cost per hour $ 25 $ 25 $ 25 $ 25 Total direct labor cost $143,438 $156,563 $165,000 0.75 $ 25 $630,000