The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March: a. Estimated sales for March: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per unit b. Estimated inventories at March 1: Direct materials: Plastic 90 lbs. Foam lining 80lbs. Finished products: Batting helmet 40 units at $25 per unit Football helmet 240 units at $77 per unit c. Desired inventories at March 31 : Direct materials: Plastic 50 lbs. Foam lining 65lbs. Finished products: Batting helmet 50 units at $25 per unit Football helmet 220 units at $78 per unit d. Direct materials used in production: In manufacture of batting helmet: Plastic 1.2lbs. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6 per lb. Foam lining $4 per lb. f. Direct labor requirements: Batting helmet: Molding Department 0.2hr. at $20 per hr. Assembly Department 0.5hr. at $14 per hr. Football helmet: Molding Department 0.5hr. at $20 per hr. Assembly Department 1.8hrs. at $14 per hr. i. Estimated other revenue and expense for March: j. Estimated tax rate: 30% Required: 1. Prepare a sales budget for March. Enter all amounts as positive numbers. 2. Prepare a production budget for March. For those boxes in which you must Gold Medal Athletic Co. Production Budget For the Month Ending March 31 2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Production Budget For the Month Ending March 31 3. Prepare a direct materials purchases budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31 Units required for production: Batting helmet Football helmet Desired units of inventory, March 31 Total units available Estimated units of inventory, March 1 4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers. 5. Prepare a factory overhead cost budget for March. 6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 7. Prepare a selling and administrative expenses budget for March. 8. Prepare a budqeted income statement for March