Question 1 of 4 - / 12.5 III Sheridan Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following Product JB 50 Product JB 60 368.000 184,000 $20 $25 27,600 13,800 23,000 9,200 2 3 Sales budget Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 27.600 9,200 36,800 13.800 $3 $4 $4 0.40 0.60 $12 $12 $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $515.200 for product JB 50 and $331,200 for product JB 60, and administrative expenses of $496,800 for product JB 50 and $312,800 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20% (a) Prepare the sales budget for the year. SHERIDAN INC. Sales Budget JB 50 JB 60 Total $ $ $ $ $ $ $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer Prepare the production budget for the year. SHERIDAN INC. Production Budget JB 50 JB 60 eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer Question l OT 4 - / 12.5 = (c) Prepare the direct materials budget for the year. SHERIDAN INC. Direct Materials Budget JB 50 JB 60 - / 12.5 III Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, e.g. 52.5.) SHERIDAN INC. Direct Labor Budget JB 50 JB 60 > $ $ $ $ $ e Textbook and Media Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). SHERIDAN INC. Budgeted Income Statement JB 50 JB 60 Total $ $ $