Problem 1 - Budgeting Review Corporation has the following Information available: Units Sold Unit Price Budgeted Direct Materials Per Unit Budgeted Direct Labor Hours Per Unit Overhead Rate Per Direct Labor Hour Current Inventory of Finished Goods Target Inventory of Finished Goods Current Inventory of Direct Materials Target Inventory of Direct Materials Cost Per Direct Material Cost Per Direct Labor Hour 2,000 $75.00 1.25 1.50 $12.00 100 200 50 100 $4.00 $18.00 Review keeps no inventory of direct materials inventory, work in process or finis goods. Calculate the following amounts: What is the budgeted revenue? $150,000 What is the budget for direct materials (in materials)? 2687.5 What is the budget for direct materials (in dollars)? $10,750 What is the budget for direct labor (in hours)? 393745 hours What is the budget for direct labor (in dollars)? What is the budget for overhead? What is the budgeted gross profit? Calculations