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The budget director of HI Performance Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for January 2012: a. Estimated Sales for January: Batting helmet............................................305 units at $70 per unit Football helmet...........................................630 units at $135 per unit b. Estimated inventories at January 1: Direct Materials Finished Products Plastic...........80 lbs Batting helmet....... 35 units at $40 per unit Foam lining.....60 lbs Football helmet.......40 units at $60 per unit c. Desire inventoris at January 31: Direct materials: Finished products: Plastic.........90 lbs Batting helmet.......30 units at $40 per unit Foam lining...55 lbs Football helmet.....50 units at $58 per unit d. Direct material used in production: In manufacture of batting helmet: Plastic...........................................1.20 lbs per unit of product Foam lining......................................0.50 lbs per unit of product In manufacture of football helmet Plastic...........................................2.80 lbs per unit of product Foam lining.....................................1.40 lbs per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic...........................................$5.50 per lb Foam lining ....................................$4.00 per lb f. Direct labor requirements: Batting helmet: Molding department ........................................ 0.20 hr at $15 per hr Assembly department....................................... 0.50 hr at $13 per hr Football helmet: Molding deapartment........................................0.30 hr at $15 per hr Assembly department........................................0.65 hr at $13 per hr g. Estimated factory overhead costs for January: Indirect factor wages $14,500 Depreciation of plant and equipment 4,200 Power and light 2,000 Insurance and property tax 1,700 h. Estimated operating expenses for January: Sales salaries expense $15,400 Advertising expense 8,500 Office salaries expense 11,500 Depreciation expense-office equipment 3,200 Telephone expense-selling 950 Telephone expense-administrative 600 Travel expense-selling 2,300 Office supplies expense 550 Miscellaneous administrative expense 400 i. Estimated other income and expense for January: Interest revenue $140 Interest expense 172 j. Estimated tax rate: 30 % Instructions: 1. Prepare a sales budget for January 2. Prepare a production budget for January 3. Prepare a direct material purchases budget for January 4. Prepare a direct labor cost budget for January 5. Prepare a factory overhead cost budget for January 6. Prepare a cost of goods sold budget for January. Work in process at the beginning of January is estimate to be $12,500, and workin process at the end of January is desired to be $13,500. 7. Prepare a selling and administrative expenses budget for January. 8. Prepare a budgeted income statement for January.

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