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 use in developing the budgeted income statement for March: b. Fetimated imuentariec at Manch"1. d. Direct materlals used in production: In manufacture of batting helmet: Piastic 1.20lb. per unit of product 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. 3. Prepare a direct materials purchases budget for March. Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31 2. Prepare a production budget for March. 8. Prepare a budgeted income statement for March. Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31 Operating expenses: Total operating expenses Income from operations Other income: Other expenses: Income before income tax Net income 8. Prepare a budgeted income statement for March. h. Estimated operating expenses for March: \begin{tabular}{lr} Sales salaries expense & $184,300 \\ Advertising expense & 87,200 \\ Office salaries expense & 32,400 \\ Depreciation expense-office equipment & 3,800 \\ Telephone expense-selling & 5,800 \\ Telephone expense-administrative & 1,200 \\ Travel expense-selling & 9,000 \\ Office supplies expense & 1,100 \\ Miscellaneous administrative expense & 1,000 \end{tabular} i. Estimated other income and expense for March: Interest revenue $940 Interest expense 872 j. Estimated tax rate: 30% Required: 1. Prepare a sales budget for March. Gold Medal Athletic Co. Sales Budget For the Month Ending March 31 \begin{tabular}{llll} \hline & \begin{tabular}{c} Unit Sales \\ Volume \end{tabular} & \begin{tabular}{c} Unit Selling \\ Price \end{tabular} & Total Sales \\ \hline Batting helmet & 1,200 & 40 & 48,000 \\ \hline \end{tabular} 4. Prepare a direct labor cost budget for March. Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31 Less: Finished goods inventory, March 31 Cost of goods sold 7. Prepare a selling and administrative expenses budget for March. d. Direct materials used in production: In manufacture of batting helmet: In manufacture of football helmet: e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6.00 per lb. Foam lining $4.00 per Ib