Razr-Tech Manufacturing Ltd produces specialised computer parts for computer manufacturers around the world. Apart from the central processing unit (CPU), graphics processing unit (GPU), motherboard and Random Access Memory (RAM), Razr also produces small microprocessors. Two of its microprocessors are the Snapdragon and Exynos. The Snapdragon is sold at $300 per unit while the Exynos is sold at $440 per unit. In 2023, demand for the Snapdragon is expected to be 24,000 units while demand for Exynos is expected to be 6,000 units. Estimated beginning inventory in 2023 for Snapdragon and Exynos are expected to be 600 and 300 units respectively, while the company desires to have ending inventory of 500 and 200 units respectively for Snapdragon and Exynos. Additional information for the production of Snapdragon and Exynos follows: Finished Components Snapdragon Exynos Requirements for each finished product: xe37 10 grams 8 grams APQ8064 0 4 grams mm855 Plus 4 grams 2 grams Direct labour 2 hours 3 hours Direct Materials Information xe37 APQ8064 mm855+ Cost per gram $2.00 $2.50 $1.50 Estimated beginning inventory in grams 6,000 1,500 2,000 Desired ending inventory in grams 5,000 1,000 2,500 Razr-Tech expects the average wage rate to be $36 per hour in 2023. Razr-Tech uses direct-labour hours to apply overhead. Each year the company determines the overhead application rate for the year based on the budgeted output for the year. The company maintain negligible work-in-progress inventory and expects the cost per unit for both the beginning and ending inventory of finished goods to be identical. Factory Overhead Information Indirect materials-variable $10,000 Miscellaneous supplies and tools-variable $5,000 Indirect labour-variable $40,000 Supervision-fixed $120,000 Payroll taxes and fringe benefits-variable $250,000 Maintenance costs-fixed $20,000 Maintenance costs-variable $10,080 Depreciation-fixed $71,330 Heat, light, and power-fixed $43,420 Heat, light, and power-variable $11,000 Total $580,830 Selling and Administrative Expense Information Advertising $60,000 Sales salaries $200,000 Travel and entertainment $60,000 Depreciation-warehouse $5,000 Office salaries $60,000 Executive salaries $250,000 Supplies $4,000 Depreciation-office $6,000 Total $645,000 Razr-Tech Manufacturing Ltd is subject to 30% income tax. REQUIRED: a. Using EXCEL, prepare the following schedules or statements for 2023: iv. Direct labour budget v. Factory overhead budget (Hint: separate variable and fixed) vi. Cost of good sold and ending inventory budget vii. Selling and administrative expense budget (Hint: Separate selling and administrative expense) viii. Budgeted income statement