Please answer the following questions with the information provided below.

v 81 T Faces, Inc. manufactures to types of makeup foundation. Tvpe 5 is for sensitive skin and type N is for nonsensitive skin. The products have the following materials and labor requirements: Pigment A 30 pounds Direct labor required per 100 bottles .25 hour .50 hour [$12fhour] The following productionoverhead costs are anticipated for the next vear. The predetermined overhead rate is based on the production volume of 4?5.000 bottles. Production overhead is applied on the basis of directlabor hours. m... mm The following selling and administrative expenses are anticipated for the next year: Salaries and fringe benefits of sales personnel $80,00C Advertising 15,00C Management salaries and fringe benefits 85,00C Clerical wages and fringe benefits 25,00C Miscellaneous administrative expenses 5,00C Total $210,000 The sales forecast is as follows: Sales Volume Sales Price Type N 500,000 bottles $90 per hundred bottles Type S 500,000 bottles $130 per hundred bottlesThe following inventory information is available. The unit production costs for each product are expected to be the same this year and the following year. Expected Inventory January Desired Ending Inventory December 1 31 Finished Goods Type N 10,000 bottles 5,000 bottles Type S 20,000 bottles 15,000 bottles Raw Material Pigment A 15,000 pounds 5,000 pounds Liquid medium 5,000 pounds 10,000 pounds Required: Prepare a master budget for V & T Faces, Inc., for the next year. Assume an income tax rate of 40 percent. Include the following: 1. Sales budget 2. Production budget 3. Direct-material budget 4. Direct-labor budget 5. Production-overhead budget 6. Selling and administrative expense budget 7. Budgeted income statement