Poland Co. is getting ready to prepare its master budget for 2021. They prepare the budget by quarter. Expected Total Sales in 2021 1,000,000 units Quarterly Sales % 1st Quarter 20% 2nd Quarter 25% 3rd Quarter 25% 4th Quarter 30% Unit Sales in the 1st Quarter of 2022 are expected to be 20% higher than the unit Sales in the 4th Quarter of 2021. Sales Price 1st, 2nd & 3rd Quarter 4th Quarter $40 per unit $45 per unit Production The company wants to maintain ending finished goods inventories at 25% of the next quarter's budgeted sales volume Direct Materials Each unit requires 2 pounds of direct materials. The cost per pound of the material is $12. The company wants to maintain direct materials inventory at 10% of the next quarter's production requirements. Assume the production requirements for the first quarter of 2022 are 450,000 pounds. Direct Labor Each unit required 0.3 hours of direct labor. Direct labor cost per hour is $15. Factory Overhead Factory Overhead is applied at $20 per direct labor hour, Selling and Administrative Expenses Sales Commissions are 1% of Sales Revenue. Other selling and administrative expenses are budgeted for $5,500,000 for 2021. Prepare the sales, production, direct materials, direct labor, and factory overhead budget for each quarter of 2021 and the total year. Calculate the budgeted the budgeted unit cost Prepare a budgeted multi-step income statement for the year, ignoring income taxes. Prepare this for the year only