The budget director of Safety Athletic Inc., 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 January 2023 ANTICIPATED COST OF PURCHASES AND BEGINNING AND ENDING INVENTORY OF DIRECT MATERIALS: PlasticFormLining$7.00perlb$4.00perlb ESTIMATED OTHER INCOME AND EXPENSE FOR JANUARY: ESTIMATED TAX RATE: 30% 1. Prepare a sales budget for January 2. Prepare a production budget for January 3. Prepare a direct material purchases budget for January 4. Prepare a direct labor cost budget for January 5. Prepare a factory overhead cost budget for January 6. Prepare a Cost of Goods Sold budget for January. Work in process at the beginning of January is estimated to be $12,500 and work in process at the end of January is desired to be $13,500 7. Prepare a selling and administrative expenses budget for January 8. Prepare a budgeted income statement for January The budget director of Safety Athletic Inc., 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 January 2023 ANTICIPATED COST OF PURCHASES AND BEGINNING AND ENDING INVENTORY OF DIRECT MATERIALS: PlasticFormLining$7.00perlb$4.00perlb ESTIMATED OTHER INCOME AND EXPENSE FOR JANUARY: ESTIMATED TAX RATE: 30% 1. Prepare a sales budget for January 2. Prepare a production budget for January 3. Prepare a direct material purchases budget for January 4. Prepare a direct labor cost budget for January 5. Prepare a factory overhead cost budget for January 6. Prepare a Cost of Goods Sold budget for January. Work in process at the beginning of January is estimated to be $12,500 and work in process at the end of January is desired to be $13,500 7. Prepare a selling and administrative expenses budget for January 8. Prepare a budgeted income statement for January