Prepare the production budget for the year. Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). Prepare the sales budget for the year. Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, e.g. 52.5.) Prepare the direct materials budget for the vear. Ivanhoe Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following. An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $481,600 for product JB 50 and $309,600 for product JB 60 , and administrative expenses of $464,400 for product JB 50 and $292,400 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%