Sheridan Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 368,000 184,000 Unit selling price $20 $25 Production budget: Desired ending finished goods units 27,600 13,800 Beginning finished goods units 23,000 9,200 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 27,600 9,200 Beginning direct materials pounds 36,800 13,800 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.40 0.60 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $515,200 for product JB 50 and $331,200 for product JB 60, and administrative expenses of $496,800 for product JB 50 and $312,800 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%. (a) Prepare the sales budget for the year. eTextbook and Media Save for Later $ $ (b) Prepare the production budget for the year. > JB 50 SHERIDAN INC. Sales Budget $ SHERIDAN INC. Production Budget JB 60 Total Attempts: 0 of 5 used Submit Answer JB 50 JB 60 eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer Prepare the direct materials budget for the year. (d) eTextbook and Media Save for Later $ SHERIDAN INC. Direct Materials Budget JB 50 $ $ JB 60 Attempts: 0 of 5 used Submit Answer Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, e.g. 52.5.) $ $ SHERIDAN INC. Direct Labor Budget JB 50 JB 60 Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). > $ SHERIDAN INC. Budgeted Income Statement JB 50 $ $ JB 60 $ $ Total