The budget committee is now ready with the budget estimates for the preparation of the operating budget of Mayday Company for the year 2018. The following data were presented below: Model B Model M Budgeted sales - units 8,000 5,000 Selling price per unit 140 170 Inventory, beginning in units 850 600 Expected inventory end in units 700 500 Material M1 Material M2 Material M3 Inventory, beginning in units 5,000 4,000 3,000 Expected inventory end in units 5,500 5,000 3.600 Material content of each unit: Model B Model M Material M1 6 units 4 units Material M2 4 units 3 units Material M3 2 units 3 units Direct labor hours per unit 10 hours 15 hours Overhead is applied based on 100% direct labor hours. Budgeted unit costs: Material M1 2.00 per unit Material M3 P3.00 per unit Material M2 2.50 per unit Direct labor P3.00 per hour Other budgeted data based on production are shown below: Factory Overhead: Selling and Administrative Indirect labor 91,200 Sales salaries 84,000 Factory supplies 45,600 Sales commission 39,400 Repairs and maintenance 68,400 Advertising expense 29,500 Other variable costs 22,800 Representation expense 24,000 Factory supervision 60,000 Officers' salaries 120,000 Factory rent 48,000 Office supplies expense 48,000 Depreciation - equipment 30,000 Office expense 12,000 Other fixed cost 14.000 Miscellaneous expenses 8,100 Income taxes are estimated at 30%. Finished goods inventory beginning is 126,000. There is no beginning pad ending work in process inventory Required: Prepare Operating Budget for Mayday Company for the year 2015 to include the following a. Sales budget b. Production budget c. Direct materials purchases budget d. Direct labor budget e. Factory overhead budget f. Selling and administrative expense budget g. Ending inventory budget h. Cost of goods sold budget 1. Projected income statement