The following annual budget data relates to Navient Inc. for the year ending December 31, 2016 Product APP Product ZAP Sales budget 45,000 S25.00 25,000 S46.00 Anticipated volume in units Unit selling price Production budget 1,000 500 2,000 1,500 Desired ending finished goods units Beginning finished goods units Direct materials budget Direct materials per unit (pounds) 2 3,000 2,500 S1.00 800 1,000 S3.00 Desired end?ng direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget 2.0 $7.00 Direct labor time per unit Direct labor rate per houir $8.00 Budgeted income statement Total unit cost S20.00 $33.00 A detailed selling and administrative expense budget shows selling expenses of S100,000 for product APP and S80,000 for product ZAP, and administrative expenses of S50,000 for product APP and $30,000 for product ZAP. Income taxes are expected to be 27% Instructions Prepare the following budgets for the year. Show data for each product. (a) Sales (b) Production (c) Direct materials (d) Direct labor (e) Income statement (Note: Income taxes are not allocated to the products.)