Planning and Decision Making [LO 10-4) 10-50 Comprehensive Profit Plan Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2022 follow: Finished Components C12 D57 Requirements for each finished component RM 1 RM 2 RM 3 Direct labor Product information: Sales price Sales (units) Estimated beginning inventory (units) Desired ending inventory (units) 10 pounds 8 pounds 0 4 pounds 2 pounds 1 pound 2 hours 3 hours $ 150 $ 220 12,000 9,000 400 150 300 200 Direct Materials Information RM1 RM2 RM3 Cost per pound Estimated beginning inventory in pounds Desired ending inventory in pounds $ 2.00 $ 2.50 $0.50 3,000 1,500 1,000 4,000 1,000 1,500 The firm expects the average wage rate to be $25 per hour in 2022. Spring Manufacturing uses direct labor hours to apply overhead. Each year the firm determines the overhead application rate for the year based on budgeted direct labor hours for the year. The firm maintains negligible Work-in Process Inventory and expects the cost per unit for both beginning and ending inventories of finished products to be identical. Indirect materials-variable Miscellaneous supplies and tools-variable Indirect labor-variable Supervision-fixed Payroll taxes and fringe benefits-variable Maintenance costs-fixed Maintenance costs-variable Depreciation-fixed Heat, light, and power-fixed Heat, light, and power-variable Total Advertising Sales salaries Travel and entertainment Depreciation-warehouse Office salaries Executive salaries Factory Overhead Information $ 10,000 5,000 40,000 120,000 250,000 20,000 10,080 71,330 43,420 11.000 $580,830 Selling and Administrative Expense Information $ 60,000 200,000 60,000 5,000 60,000 Supplies Depreciation-office Total 250,000 4,000 6,000 $645,000 The effective income tax rate for the company is 40 percent. Required Prepare an Excel spreadsheet that contains the following schedules or statements for 2022: 1. Sales budget. 2. Production budget. 3. Direct materials purchases budget (units and dollars).