Problem 13-2 (Part Level Submission) Sheffield Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 401,600 203.100 Unit selling price $21 $27 Production budget: Desired ending finished goods units 27,100 17,000 Beginning finished goods units 31.100 13.300 Direct materials budget: Direct materials per unit (pounds) 3 Desired ending direct materials pounds 33,300 17,600 Beginning direct materials pounds 41.800 12,000 Cost per pound $3 $3 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $11 $11 Budgeted income statement: Total unit cost $13 $21 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $662,000 for product JB product JB 60, and administrative expenses of $544,000 for product JB 50 and $345,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30 %. and $365.000 for (c) Prepare the direct materials budget for the year SHEFFIELD INC Direct Materials Budget B 50 Total JB 60 Desired Ending Finished Goods Units Units to be Produced Cost per Pound d for Production Direct Labor Cost per Hour Beginning Direct Materials Total Required Units ials Purchases Dicect Labor Time ner Unit Desired Ending Direct Materials Direct Materials per Unit Direct Materials Purchases ect Labor Hours o nit cales Total Materials Required Beginning Finished Goods Units Total Direct Labor Cost