The firm expects the average wage rate to be $25 per hour in 2022 . Spring Manufacturing uses direct labor hours to apply overhead. Each year the firm determines the overhead application rate for the year based on budgeted direct labor hours for the year. The firm maintains negligible Work-in-Process Inventory and expects the cost per unit for both beginning and ending inventories of finished products to be identical. The effective income tax rate for the company is 30%. Required: 1. Prepare the Sales budget for 2022. 2. Prepare the Production budget for 2022. 3. Prepare the Direct materials purchases budget (units and dollars) for 2022. 4. Prepare the Direct labor budget for 2022. 5. Prepare the Factory overhead budget for 2022. 6. Prepare the Cost of goods sold and ending finished goods inventory budgets for 2022. 7. Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses and Administrative Expenses for 2022. 8. Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2022