Requirement 1. Prepare the following budgets. a. Prepare the revenues budget. Revenues Budget For the Month of March Units Broncos Blankets 180 $ Selling Price 709 $ Total revenues 127,620 175,440 Rams Blankets 215 816 303,060 Total b. Prepare the production budget in units. Production Budget For the Month of March Broncos Rams Budgeted units sales 180 215 32 37 Add target ending finished goods inventory Total required units 212 252 22 27 Deduct beginning finished goods inventory 190 225 Units of finished goods to be produced c. Prepare the direct material usage budget and direct material purchases budget. Begin with the physical units portion, then prepare the cost budget portion of the direct material usage budget. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) c. Prepare the direct material usage budget and direct material purchases budget. Begin with the physical units portion, then prepare the cost budget portion of the direct material usage budget. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Direct Material Usage Budget in Quantity and Dollars For the Month of March Material Broncos Rams Red wool Black wool logo patches logo patches Total Physical Units Budget Direct materials required for Broncos 1,710 yds. 0 yds. 190 0 0 2,250 225 Rams yds. yds. 1,710 2,250 190 225 Total quantity of direct material to be used yds. yds. Cost Budget Available from beginning direct materials inventory (under a FIFO cost-flow assumption) Broncos Rams To be purchased this period Broncos Rams Direct materials to be used this period Xal high schools. Direct Materials Data pertaining to the direct materials for March 2020 are as follows: Actual Beginning Direct Materials Inventory, March 1, 2020 Red wool fabric Black wool fabric Broncos logo patches Broncos Blanket Rams Blanket $ Direct-Cost Inputs Unit cost data for direct-cost inputs pertaining to February 2020 and March 2020 are as follows: Red wool fabric (per yard) February 2020 (actual) March 2020 (budgeted) 14 $ 15 60 yards 0 yards Black wool fabric (per yard) 22 21 0 yards 40 yards Broncos logo patches (per patch) 12 12 Rams logo patches 70 0 0 Rams logo patches (per patch) 11 13 85 Manufacturing labor cost per hour 31 32 Target Ending Direct Materials Inventory, March 31, 2020 Broncos Blanket Rams Blanket Red wool fabric 50 yards 0 yards Black wool fabric 0 yards 50 yards Broncos logo patches 50 0 Rams logo patches 0 50 Print Done Budgeted Direct-Cost Inputs Print Done The budgeted direct-cost inputs for each product in 2020 are as follows: Broncos Blanket Rams Blanket Broncos Rams Red wool fabric 9 yards 0 yards dgeted units sales 180 215 Black wool fabric 0 yards 10 yards 32 37 d target ending finished goods inventory Broncos logo patches 1 0 Cal required units 212 252 Rams logo patches 0 1 22 27 Direct manufacturing labor 8 hours 9 hours duct beginning finished goods inventory 190 225 its of finished goods to be produced Prepare the direct material usage budget and direct material purchases budget. gin with the physical units portion, then prepare the cost budget portion of the direct material usage budge Direct Material Leann Rudant in Quantity and Dollars Print Done lir - Finished Goods Inventory Data relating to finished goods inventory for March 2020 are as follows: Beginning inventory in units Broncos Blanket Rams Blanket 22 27 Beginning inventory in dollars (cost) $ 3,960 $ 4,293 Target ending inventory in units 32 37 Print Done