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P FreshPak 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 Direct material required per 100 boxes: Paperboard ($.20 per pound) 30 pounds 70 pounds Corrugating medium ($.10 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 overhead 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. 20900 Indirect material Indirect labor 65,000 Utilities 45,000 Property taxes 18,000 Insurance 34,000 Depreciation 560001 Total $238,900 The following selling and administrative expenses are anticipated for the next year. Salaries and fringe benefits of sales personnel $95,000 Advertising 56,000 Management salaries and fringe benefits 60,000 Clerical wages and fringe benefits 46,000 Miscellaneous administrative expenses 4000 Total $261,000 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. Finished goods: Box type C Box type P Sales Volume boxes 500,000 500,000 Sales Price per hundred boxes $150.00 200 Finished goods: Expected inventory Jan 1st Desired inventory Dec 31st Box type C 30,000 7,000 boxes Box type P 15,000 20,000 boxes Raw material: Paperboard 30,000 5,000 pounds Corrugating medium 15,000 10,000 pounds Prepare a master budget for Fresh Pak Corporation for the next year. Assume an income tax rate of 40 percent. Include the following schedules. 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. (Hint: To determine cost of goods sold, first compute the production cost per unit for each type of box. Include applied production overhead in the cost.)