Sales, production, direct materials, direct labor, and factory overhead budgets King Tire Co.'s Truck tires Thebudgetedsellingpricefortrucktireswas$200pertire,and25,000120,000 for passenger car tires it was $65 per tire. The beginning finished goods inventories were expected to be 2,000 truck tires and 5,000 passenger tires, for a total cost of $326,478, with desired ending $400,510. There was and 6,000 , respectively, with a total cost of in-process inventory for anticipated beginning or ending workquantities for each type either type of tire. The standard materials Budgeted factory overhead costs for 2016 were as follows: nequirea: Prepare each of the following budgets for King for the year ended December 31, 2016: 1. Sales budget. 2. Production budget. 3. Direct material budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Cost of goods sold budget