Selected information concerning sales and production for Moore Company for July, 2016, are summarized as follows: a. Estimated sales: Product K: Product L: b. Estimated inventories, July 1, 2016: Material A: 4,000 lbs. Material B: 3,500 lbs. There were not work in process c. Desired inventories at July 31, 2016: Material A: 3,000 lbs. Material B: 2,500 lbs. 40,000 units at $30 per unit 20,000 units at $65 per unit 9. Material A: Material B: d. Direct materials used in production: Product K 0.7 lb. per unit 1.2 lbs. per unit e. Unit costs for direct materials: $4.00 per lb. $2.00 per lb. f. Direct labor requirements: Material A: Material B: There were no work in process inventories desired for July 31, 2016. Product K: Product L: Product K: Product L: inventories estimated for July 1, 2016. 0.4 hr. per unit 0.6 hr. per unit Direct labor rate Product K: Product L: Department 1 3,000 units at $17 per unit 2,700 units at $35 per unit 2,500 units at $17 per unit 2,000 units at $35 per unit Product L 3.5 lbs. per unit 1.8 lbs per unit Department 2 0.15 hr. per unit 0.25 hr. per unit Department 1 $12.00 per hr. Department 2 $16.00 per hr. 51,000 94,500 42,500 70,000 h. Estimated factory overhead costs for July: Indirect factory wages Depreciation of plant & equpment Power & light Indirect materials INSTRUCTIONS: 200,000 40,000 25,000 34,000 299,000 1 Prepare a sales budget for July. 2 Prepare a production budget for July. 3 Prepare a direct materials purchases budget for July. 4 Prepare a direct labor cost budget for July. 5 Prepare the cost of goods manufactured statement for July. 6 Prepare a cost of goods sold budget for July.