Sheffield Inc is preparing its annual budgets for the year ending December 31,2022. Accounting assistants have provided the following data: in accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expenses udget. The latter shows selling expenses of $853,000 for product LN 35 and $393,000 for product LN 40 , and administrative xpenses of $524,000 for product LN 35 and $178,000 for product LN 40 . Income taxes are expected to be 30%. Prepare the sales budget for the year. Prepare the production budget for the year. SHEFFIELDINC. 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, eg. 0.15.) Prepare the budgeted income statement for the year. (Note: Income taxes are not allocated to the products.)