The budget committee is now ready with the budget estimates for the preparation of the operating budget of Mayday Company for the year 2015. The following data were presented below: Budgeted sales - units Selling price per unit Inventory, beginning in units Expected inventory end in units Model B 8,000 140 850 700 Model M 5,000 170 600 500 Inventory, beginning in units Expected inventory end in units Material M1 5,000 5,500 Material M2 4,000 5,000 Material M3 3,000 3,600 Material content of each unit: Material M1 Material M2 Material M3 Model B 6 units 4 units 2 units Model M 4 units 3 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 Mi 2.00 per unit Material M2 2.50 per unit Material M3 Direct labor P3.00 per unit P3.00 per hour Other budgeted data based on production are shown below: Factory Overhead: Selling and Administrative: Indirect labor 91,200 Sales salaries Factory supplies 45,600 Sales commission Repairs and maintenance 68,400 Advertising expense Other variable costs 22,800 Representation expense Factory supervision 60,000 Officers' salaries Factory rent 48,000 Office supplies expense Depreciation - equipment 30,000 Office expense Other fixed cost 14,000 Miscellaneous expenses 84,000 39,400 29,500 24,000 120,000 48,000 12,000 8,100 Income taxes are estimated at 30%. Finished goods inventory beginning is 126,000. There is no beginning nad 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 . Projected income statement