Question 5 of 30 - /20 !!! View Policies Current Attempt in Progress Ivanhoe Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants have provided the following data: Product LN 35 Product LN 40 Sales budget Expected volume in units 400,000 238,000 Unit selling price $31 $34 Production budget Desired ending finished good units 31,000 22,000 Beginning finished goods units 22,000 13,000 Direct materials budget: Direct materials per unit (kilograms) 2 3 Desired kilograms of ending direct materials 53,000 16,000 Beginning kilograms of direct materials 39,000 11,000 Cost per kilogram $2 $3 Direct labour budget Direct labour time per unit (hours) 0.50 0.70 Direct labour rate per hour $11 $11 Budgeted income statement Total unit cost $11 $19 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expenses budget. The latter shows selling expenses of $858,000 for product LN 35 and $390,000 for product LN 40, and administrative expenses of $517,000 for product LN 35 and $182,000 for product LN 40. Income taxes are expected to be 30%. Prepare the sales budget for the year. IVANHOE INC. Sales Budget For the Year Ending December 31, 2022 LN 35 LN 40 Total Expected sales in units Unit selling price $ $ Total sales $ Prepare the production budget for the year. IVANHOE INC. Production Budget For the Year Ending December 31, 2022 LN 35 LN 40 Prepare the direct materials budget for the year. IVANHOE INC. Direct Materials Budget For the Year Ending December 31, 2022 LN 35 LN 40 $ $ $ Prepare the direct labour budget for the year. (Round direct labour hours per unit to 2 decimal places, e.g. 0.15.) IVANHOE INC. Direct Labour Budget For the Year Ending December 31, 2022 LN 35 LN 40 Total ect labour cost per hour its to be produced al cost of direct labour ect labour hours per unit al required for production $ $ $ $ $ Prepare the budgeted income statement for the year. (Note: Income taxes are not allocated to the products.) IVANHOE INC. Budgeted Income Statement For the Year Ending December 31, 2022 LN 35 LN 40 $ $ $