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3. Prepare a direct materials purchases budget for July. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gourmet Grill Company Direct Materials Purchases Budget For the Month Ending July 31 Burner Sub- Grates Stainless Steel Shelves assemblies Total (units) (Ibs.) (units) (units) Required units for production: Backyard Chef 2,760 22,080 1,840 V 3,680 V Master Chef 2,580 V 18,060 V 1,720 2,150 V Desired inventory, July 31 340 V 1,800 V 155 v 315 v Total 5,680 V 41,940 V 3,715 6,145 V Estimated inventory, July 1 Total units to be purchased 5,390 V 40,440 V 3,545 V 5,805 V Unit price 15 V $ 6 V $ 110 V $ 10 v Total direct materials to be purchased 80,850 v $ 242,640 v $ 389,950 V $ 58,050 V $ 771,490 4. Prepare a direct labor cost budget for July. Gourmet Grill Company Direct Labor Cost Budget For the Month Ending July 31 Stamping Forming Assembly Total Department Department Department Hours required for production: Backyard Chef 460 552 20 Master Chef 258 344 645 Total 718 896 1,565 Hourly rate 17 V 15 14 V Total direct labor cost $ 12,206 V 13,440 $ 21,910 V $ 47,556 vSales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for July is summarized as follows: a. Estimated sales forJuly by sales territory: Maine: Backyard Chef 310 units at $?00 per unit Master Chef 150 units at $1,200 per unit Vermont: Backyard Chef 240 units at $750 per unit Master Chef 110 units at $1,300 per unit New Hampshire: ) Backyard Chef 360 units at $750 per unit Master Chef 180 units at $1,400 per unit b. Estimated inventories at July 1: Direct materials: Grates 290 units Stainless steel 1,500 lbs. Burner subassemblies 170 units Shelves 340 units Finished products: Backyard Chef 30 units Master Chef 32 units c. Desired inventories at July 31: Direct materials: Grates 340 units Stainless steel 1300 lbs. Burner subassemblies 155 units Shelves 315 units Finished products: Backyard Chef 40 units Master Chef 22 units d. Direct materials used in production: In manufacture of Backyard Chef: 3 units per unit of product Grates _ 24 lbs. per unit of Stainless steel product _ 2 units per unit Burner subassemblies of product Burner subassemblies Shelves In manufacture of Master Chef: Grates Stainless steel Burner subassemblies ) Shelves e. Anticipated purchase price for direct materials: Grates Stainless steel Burner subassemblies Shelves 1'. Direct labor requirements: Backyard Chef: Stamping Department Forming Department Assembly Department Master Chef: Stamping Department Forming Department Assembly Department 2 units per unit of product 4 units per unit of product 6 units per unit of product 42 lbs. per unit of product 4 units per unit of product 5 units per unit of product $15 per unit $6 per lb. $110 per unit $10 per unit 0.50 hr. at $1? per hr. 0.50 hr. at $15 per hr. 1.00 hr. at $14 per hr. 0.50 hr. at $1? per hr. 0.80 hr. at $15 per hr. 1.50 hrs. at $14 per hr. Required: 1. Prepare a sales budget for July. Gourmet Grill Company Sales Budget For the Month Ending July 31 Product and Area Unit Sales Unit Selling Volume Total Sales Price Backyard Chef: Maine 310 V 700 $ 217,000 Vermont 240 750 V 180,000 V New Hampshire 360 750 270,000 Total 910 v $ 667,000 Master Chef: Maine 150 V $ 1,200 V $ 180,000 Vermont 110 1,300 143,000 New Hampshire 180 1,400 252,000 Total 440 $ 575,000 Total revenue from sales $ 1,242,000 2. Prepare a production budget for July. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gourmet Grill Company Production Budget For the Month Ending July 31 Units Backyard Chef Master Chef Expected units to be sold v 910 440 Desired inventory, July 31 v 40 22 V Total units available v 950 462 V Estimated inventory, July 1 v Total units to be produced v 920 430 v