The budgeted selling price for Land Cruiser was $50,000 per each one, and for Toyota Corolla was $15,000 per auto. The beginning finished goods inventories were expected to be 1,000 Land Cruiser and 3,000 Toyota Corolla, for a total cost of $50,000,000, with desired ending inventories of 1,500 and 2,000 , respectively, with a total cost of $67,500,000. There was no anticipated beginning or ending work in process inventory for either type of auto. The standard materials quantities for each type of auto were as follows: The purchase prices of Motor and Bodywork were $75 and $50 per pound, respectively. The desired ending inventories for Motor and Bodywork were 120,000 and 20,000 pounds, respectively. The estimated beginning inventories for Motor and Bodywork were 150,000 and 70,000 pounds, respectively. The direct labor bours required for each type of auto were as follows: Other budget expenses were as follows: Required: Prepare each of the following budgets for Cruise for the year ending December 31, 2023: 1. Sales budget. 2. Production budget. 3. Direct material budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Cost of goods sold budget. 7. Selling and administrative expenses budget, in 8. Budget income statement for year ending December 31,2023 , assuming an income tax rate of 40%. Please prepare each budget on formal form