Sheffield Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 403,200 203,400 Unit selling price $22 $28 26,700 32,500 19,700 11,400 Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 2. 34,300 44,300 2 19,500 11,200 $3 $3 0.4 0.6 $12 $12. $13 $21 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $663,000 for product JB 50 and $364,000 for product JB 60, and administrative expenses of $542,000 for product JB 50 and $341,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Prepare the production budget for the year. SHEFFIELD INC. Production Budget For the Year Ending December 31, 2017 - JB 50 JB 60 Expected Unit Sales 403200 203400 Add Desired Ending Finished Goods Units 26700 19700 Total Required Units 429900 223100 10. Less I. Beginning Finished Goods Units 32500 11400 Required Production Units 397400 211700 Prepare the direct materials budget for the year. SHEFFIELD INC. Direct Materials Budget For the Year Ending December 31, 2017 | JB 50 JB 60 Total Units to be Produced 397400 211700 Direct Materials per Unit Total Pounds Needed for Production - 794800 T 423400 Add Desired Ending Direct Materials 34300 19500 Total Materials Required 829100 442900 Less Beginning Direct Materials 44300 11200 Direct Materials Purchases 784800 1 431700 Cost per Pound Total Cost of Direct Materials Purchases 2354400 1295100 3649500 Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, e.g. 52.7.) SHEFFIELD INC. Direct Labor Budget For the Year Ending December 31, 2017 JB 50 JB 60 Total Units to be Produced 1397400 211700 Direct Labor Time per Unit T 0.4 T 0.6 Total Required Direct Labor Hours 158960 127020 ~ Direct Labor Cost per Hour 1907520 Total Direct Labor Cost 1524240 1524240 3431760 3431760) Budgeted Income Statement For the Year Ending December 31, 2017 | JB 50 JB 60 Total Sales 8870400 5 695200 1 4565600 Tcost of Goods Sold - TGross Profit Operating Expenses Administrative Expenses Selling Expenses TTotal Operating Expenses | Income from Operations Interest Expense Income before Income Taxes - Income Tax Expense Net Income / (Loss)