Spring Manufacturing Company makes two components identified as C12 and D57. Selected budgetary data for 2019 follow: Finished Components C12 D57 Requirements for each finished component: RM 1 RM 2 RM 3 Direct labor 10 pounds 8 pounds 4 pounds 1 pound 3 hours 2 pounds hours Product information: s 190 12,000 350 300 S 240 9,000 160 200 Sales price Sales (units) Estimated beginning inventory (units) Desired ending inventory (units) Direct Material Information RM2 RM1 RM3 4 2,700 4,200 3.50 0.50 1,500 1,700 Cost per pound Estimated beginning inventory in pounds Desired ending inventory in pounds 1,800 800 The firm expects the average wage rate to be $25 per hour in 2019. 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 Factory Overhead Information $ 11,000 5, 300 41,000 150,000 300,000 16, 000 10,080 71,370 43, 370 11,000 S 659,120 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 Depreciation-fixed Heat, light, and power-fixed Heat, light, and power-variable Total Selling and Administrative Expense Information $ 58,000 220,000 64,000 5,000 63,000 230,000 4,100 6,000 S 650,100 Advertising Sales salaries Travel and entertainment Depreciation-warehouse Office salaries Executive salaries Supplies Depreciation-office Total The effective income tax rate for the company is 30%. Requirec 1. Prepare the Sales budget for 2019 2. Prepare the Production budget for 2019 3. Prepare the Direct materials purchases budget (units and dollars) for 2019 4. Prepare the Direct labor budget for 2019 5. Prepare the Factory overhead budget for 2019 6. Prepare the Cost of goods sold and ending finished goods inventory budgets for 2019 7. Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses, and Administrative Expenses for 2019 8. Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2019 Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Required 4 Required 5 Required 6Required 7 Required 8 Prepare the Sales budget for 2019 SPRING MANUFACTURING COMPANY Sales Budget For the Year 2019 C12 D57 Total Sales (in units) Selling price per unit Total sales revenue Required 1Required 2Required 3Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Production budget for 2019. SPRING MANUFACTURING COMPANY Production Budget For the Year 2019 C12 D57 Budgeted sales (in units) Total units needed Budgeted production (in units) Direct Materials Purchases Budget (units and dollars) For the Year 2019 D57 C12 Total Raw material (RM) 1 Budgeted production RM 1 needed for production Total RM 1 needed (lbs.) Required purchases of RM 1 (lbs.) Budgeted purchases, RM 1 Raw material (RM) 2 Budgeted production RM 2 needed for production Total RM 2 needed (lbs.) Required purchases of RM 2 (lbs.) Budgeted purchases, RM 2 Raw material (RM) 3 Budgeted production RM 3 needed for production Total RM 3 needed (lbs.) Required purchases of RM 3 (lbs.) Budgeted purchases, RM 3 Required 7 Required 1 Required 2 Required 3 Required 4 Required 5 Required Required 8 Prepare the Direct labor budget for 2019. SPRING MANUFACTURING COMPANY Direct Labor Budget For the Year 2019 C12 D57 Total Budgeted production Total direct labor hours needed Budgeted direct labor costs KRequired 3 Required 5 Required 1Reqired 2 Required 3 Reqired 4 Required 5 Required 6Required 7 Required 8 to 2 decimal places.) SPRING MANUFACTURING COMPANY Ending Finished Goods Inventory and Budgeted CGS For the Year 2019 C12 D57 Total Sales volume 21,000 Cost of goods sold Ending finished goods inventory Budgeted ending inventories 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 2019 SPRING MANUFACTURING COMPANY Selling and Administrative Expense Budget For the Year 2019 Selling expenses Administrative expenses Total selling and administrative expenses