Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2022 follow: Finished Components D57 C12 Requirements for each finished component: RM 1 10 pounds e 0 2 pounds 2 hours 8 pounds 4 pounds 1 pound 3 hours RM 2 RM 3 Direct labor Product information: Sales price Sales (units) Estimated beginning inventory (units) Desired ending inventory (units) $ 190 12,000 350 300 $ 240 9,000 160 200 Cost per pound Estimated beginning inventory in pounds Desired ending inventory in pounds Direct Materials Information RM1 RM2 RM3 $4 $ 3.50 $ 0.50 2,700 1,800 1,500 800 4,200 1,700 The firm expects the average wage rate to be $25 per hour in 2022. Spring Manufacturing uses direct labor hours to apply overhead. Each year the firm determines the overhead application rate for the year based on budgeted direct labor hours for the year. The firm maintains negligible Work-in-Process Inventory and expects the cost per unit for both beginning and ending inventories of finished products to be identical. Indirect materials-variable Miscellaneous supplies and tools-variable Indirect labor-variable Supervision-fixed Payroll taxes and fringe benefits-variable Maintenance costs-fixed Maintenance costs-variable Factory Overhead Information $ 11,000 5,300 41,000 150,000 300,000 16,000 10.080 Advertising Sales salaries Travel and entertainment Depreciation-warehouse Office salaries Executive salaries Supplies Depreciation-office Total Selling and Administrative Expense Information $ 58,000 220,000 64,000 5,000 63,000 230,000 4,100 6,000 $ 650, 100 The effective income tax rate for the company is 30%. Required: 1. Prepare the Sales budget for 2022 2. Prepare the Production budget for 2022. 3. Prepare the Direct materials purchases budget (units and dollars) for 2022. 4. Prepare the Direct labor budget for 2022. 5. Prepare the Factory overhead budget for 2022. 6. Prepare the cost of goods sold and ending finished goods inventory budgets for 2022. 7. Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses and Administrative Expenses for 2022 8. Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2022. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Sales budget for 2022. SPRING MANUFACTURING COMPANY Sales Budget For the Year 2022 C12 D57 Total Sales (in units) Selling price per unit Total sales revenue $ 0 $ 0 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Production budget for 2022. SPRING MANUFACTURING COMPANY Production Budget For the Year 2022 C12 Budgeted sales in units) D57 Total units needed 0 0 Budgeted production (in units) 0 0 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Direct materials purchases budget (units and dollars) for 2022. (Round "Cost per pound" to 2 decimal places.) SPRING MANUFACTURING COMPANY Direct Materials Purchases Budget (units and dollars) For the Year 2022 C12 D57 Raw material (RM) 1: Budgeted production Total RM 1 needed for production 0 0 0 Total RM 1 needed (lbs.) 0 Required purchases of RM 1 (lbs.) 0 Budgeted purchases, RM 1 $ 0 Raw material (RM) 2: Budgeted production RM 2 needed for production 0 0 0 Raw material (RM) 2: Budgeted production RM 2 needed for production 0 0 0 Total RM 2 needed (lbs.) 0 Required purchases of RM 2 (lbs.) 0 Budgeted purchases, RM 2 $ 0 Raw material (RM) 3: Budgeted production RM 3 needed for production 0 0 0 Total RM 3 needed (lbs.) 0 Required purchases of RM 3 (lbs.) 0 Budgeted purchases, RM 3 $ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required Required 8 Prepare the Direct labor budget for 2022. SPRING MANUFACTURING COMPANY Direct Labor Budget For the Year 2022 C12 D57 Total Budgeted production Total direct labor hours needed 0 0 0 Budgeted direct labor costs S 0 Prepare the Factory overhead budget for 2022. SPRING MANUFACTURING COMPANY Factory Overhead Budget For the Year 2022 Variable factory overhead: $ 0 Fixed factory overhead: Total cash fixed factory overhead $ 0 $ 0 Total budgeted factory overhead $ 0 Prepare the cost of goods sold and ending finished goods inventory budgets for 2022. (Round your intermediate calculations to 2 decimal places.) SPRING MANUFACTURING COMPANY Ending Finished Goods Inventory and Budgeted CGS For the Year 2022 D57 21,000 C12 Total Sales volume Cost of goods sold $ 0 $ 0 $ 0 Ending finished goods inventory Budgeted ending inventories $ 0 $ 0 $ 0 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses and Administrative Expenses for 2022. SPRING MANUFACTURING COMPANY Selling and Administrative Expense Budget For the Year 2022 Selling expenses: $ 0 Administrative expenses: $ 0 Total selling and administrative expenses $ 0 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 8 Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2022. (Round your intermediate calculations to 2 decimal places.) SPRING MANUFACTURING COMPANY Budget Income Statement For the Year 2022 C12 D57 Total S 0 0 $ 0 $ 0 S 0 S 0 S 0