Please complete 9-42 in the textbook Managerial Accounting: Creating Value in a Dynamic Business Environment.

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Master Budget 1. Sales Budget: Box C Box P Total Sales (in units) Sales price per unit Sales revenue 2. Production Budget (in units): Box C Box P Sales * Add: Desired ending inventory Total units needed Deduct: Beginning inventory Production requirements3. Raw material budget: PAPERBOARD Box C Box P Total Production requirements (number of boxes) * Raw material required per box (pounds) Raw material required for production (pounds) Add: Desired ending raw-material inventory Total raw-material needs Deduct: Beginning raw-material inventory Raw material to be purchased Price (per pound) Cost of purchases (paperboard) CORRUGATING MEDIUM Box C Box P Total Production requirements (number of boxes) * * Raw material required per box (pounds) * Raw material required for production (pounds) * Add: Desired ending raw-material inventory Total raw-material needs Deduct: Beginning raw-material inventory Raw material to be purchased Price (per pound) Cost of purchases (corrugating medium) Total cost of raw-material purchases4. Direct labor budget: Box C Box P Total Production requirements (number of boxes) Direct labor required per box (hours) Direct labor required for production (hours) Direct-labor rate Total direct-labor cost 5. Production overhead budget: Indirect material Indirect labor Utilities Property taxes wWwwwWW Insurance WWWWWW Depreciation Total overhead 6. Selling and administrative expense budget: Salaries and fringe benefits of sales personnel Advertising Management salaries and fringe benefits Clerical wages and fringe benefits Miscellaneous administrative expenses Total selling and administrative expenses7. Budgeted income statement: Sales revenue Less: Cost of goods sold:* Box C Box P Gross margin Selling and administrative expenses Income before taxes Income tax expense Net income Calculation of cost of goods sold: (a) Predetermined overhead rate Budgeted manufacturing overhead rate Volume of direct-labor hours Rate per hour (b) Calculation of manufacturing cost per unit: Box C Box P Direct material Paperboard Corrugating medium * Direct labor Applied manufacturing overhead Manufacturing cost per unitFreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box (type P) have the following material and labor requirements. Type of Box C P Direct material required per 100 boxes: Paperboard ($20 per pound) .......................................................................................... 30 pounds 70 pounds Corrugating medium ($010 per pound) ........................................................................... 20 pounds 30 pounds Direct labor required per 100 boxes ($12.00 per hour) _ .25 hour '50 hour The following production-overhead costs are anticipated for the next year. The predetermined over- head rate is based on a production volume of 495,000 units for each type of box. Production overhead is applied on the basis of direct-labor hours. Indirect material .......................................................................................................................................................... $ 10,500 Indirect labor ............................................................................................................................................................... 50,000 Utilities ......................................................................................................................................................................... 25,000 Property taxes ............................................................................................................................................................. 18,000 Insurance ..................................................................................................................................................................... 16,000 Depreciation ................................................................................................................................................................ 29,000 Total ............................................................................................................................................................................. $148,500 Problem 942 Preparation of Master Budget (L0 9-3, 9-4, 9-5) l. Total sales revenue: $000,000 3, Cost of purchases (paper- board): $97,000 5. Total overhead: $148,500 7. Predetermined overhead rate: $40 per hour 5' The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benets of sales personnel ................................................................................. $ 75,000 Advertising ........................................................................................................................................... 15,000 Management salaries and fringe benets .......................................................................................... 90,000 Clerical wages and fringe benets ............ 26,000 Miscellaneous administrative expenses ............................................................................................. 4,000 Total ..................................................................................................................................................... $210,000 The sales forecast for the next year is as follows: Sales Volume Sales Price Box type C ...................................................................................... 500,000 boxes 3; 90.00 per hundred boxes Box type P ....................................................................................... 500,000 boxes 130.00 per hundred boxes The following inventory information is available for the next year. The unit production costs for each product are expected to be the same this year and next year. Expected Inventory Desired Ending Inventory January1 December 31 Finished goods: Box type C .................................................................................. 10,000 boxes 5,000 boxes Box type P .................................................................................. 20,000 boxes 15,000 boxes Raw material: Paperboard ................................................................................ 15,000 pounds 5,000 pounds Corrugating medium .................................................................. 5,000 pounds 10,000 pounds