The first task in stage 1 is to prepare the 2022 budgets, Eric provides the following information per your instruction. Components and Labour Requirements per unit of Laser Pointer Price information 2022 (Budgeted) 2021 Outer casing 1 unit $50 per unit $50 per unit Circuitry board 1 set $45 per set $45 per unit Packaging kit Labour 1 kit $5 per kit $5 per kit 1.5 hours $80 per hour $80 per hour Management of the company forecast the sales of 400,000 units at selling price of $300 per unit in 2022. The management also plan to maintain quarter-end FG inventories as 10% of the units sale in the next quarter. Quarters (in unit) Q1 I Q2 Q3 Q4 Year 2022 Full Year 2023 Sales 90,000 90,000 120,000 100,000 400,000 100,000 Target Ending Inventories: - Outer casing (unit) 18,000 18,000 18,000 18,000 - Circuitry board (set) 13,000 13,000 13,000 13,000 Finished goods Budgeted Beginning inventory 7,000 units Direct materials - Outer casing 15,000 units - Circuitry board - Packaging kit 12,000 sets JIT Indirect costs, consisting of manufacturing and non-manufacturing overheads are budgeted for 2022 as follows: Manufacturing overheads - Variables - Fixed Cost Budgeted cost per unit $30 per year $12,090,000 4,836,000 Variable manufacturing overhead is assumed related to direct labour activity at 403,00 units output level. It estimates that it takes 1.5 labour hours per actual output unit. Therefore, variable overhead $20 is allocated per direct labour hour ($12,090,000/ (403,000 X 1.5 hours). $30 is budgeted for variable overhead allocation per output unit (i.e. $20 X 1.5 hours) ** Fixed O/H Allocation rate Based on budgeted production units 403,000 in a year Non-manufacturing overheads Cost per unit Budgeted cost per year - Variable: Sales commission 2% on sales - Fixed: Marketing consulting fee $2,000,000 Other additional information: Direct materials inventory and finished-goods inventory are costed by using first-in, first-out (FIFO) method. Assuming the carrying value of the 7,000 units of beginning finished goods (FG) was $1,491,000. Work in process is significant and can be ignored. Task 1: Your team would give the following operating budgets to the management. 1. Revenue budget in Dollars. 2. Revenue budget in Units. 3. Material usage and purchases budgets. 4. Direct manufacturing labor costs budget. 5. Direct manufacturing overhead costs budget. 6. Show him the budgeted manufacturing overhead cost per output unit. 7. Show him the unit cost of LP-100 manufactured in 2022. 8. Ending inventory budget for both direct materials and finished goods as at 31 Dec 2022. 9. Cost of goods sold budget for the year ending 31 December 2022. 10. Budgeted operating income statement for EdTech for the year ending 31 December 2022