Solwezi Ltd manufactures and sells two products: Thingone and Thingtwo. In July 2021, Solwezi Ltds budget department gathered the following data to prepare budgets for 2022:

2022 Projected Sales

Product Units Price

Thingone 60,000 $165

Thingtwo 40,000 $250

2022 Inventories in Units

Expected Target

Product January 1, 2022 December 31, 2022

Thingone 20,000 25,000

Thingtwo 8,000 9,000

The following direct materials are used in the two products:

Amount Used per Unit

Direct Material Unit Thingone Thingtwo

A pound 4 5

B pound 2 3

C each 0 1

Projected data for 2022 with respect to direct materials are as follows:

Expected Inventories Target Inventories

Direct Material Anticipated Purchase price January 1, 2012 December 31, 2022

A $12 32,000 lb 36,000 lb

B 5 29,000 lb 32,000 lb

C 3 6,000 units 7,000 units

Projected direct manufacturing labor requirements and rates for 2022 are as follows:

Product Hours per Unit Rate per Hour

Thingone 2 $12

Thingtwo 3 16

Manufacturing overhead is allocated at the rate $20 per direct manufacturing labour-hour.

Based on the preceding projections and budget requirements for Thingone and Thingtwo, prepare the following budgets for 2022:

1. Revenues budget (in dollars)
2. Production budget (in units)
3. Direct material purchases budget (in quantities)
4. Direct material purchases budget (in dollars)
5. Direct manufacturing labor budget (in dollars)
6. Budgeted finished goods inventory at December 31, 2022 (in dollars).