this is all one question

Budgeted Income Statement and Supporting Budgets The budget director of Jupiter Helmets 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 May: a. Estimated sales for May: Bicycle helmet 7,500 units at $24 per unit Motorcycle helmet 5,000 units at $175 per unit b. Estimated Inventories at May 1: Direct materials: Plastic 1,480 lbs. 520 lbs. Finished products: Bicycle helmet Motorcycle helmet 200 units at $15 per unit 100 units at $90 per unit Foam lining c. Desired Inventories at May 31: Direct materials: Plastic 2,000 lbs. 800 lbs. Fibished products: Bicycle helmet 400 units at $15 per unit Motorcycle helmet 300 units at $100 per unit Foam lining d. Direct materials used in production: In manufacture of bicycle helmet: Plastic 0.90 lb. per unit of product Foam lining 0.20 ib. per unit of product In manufacture of motorcycle helmet In manufacture of motorcycle helmet: Plastic 3.50 lbs. per unit of product Foam lining 1.40 lbs. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $4.40 per Ib. $0.90 per Ib. Foam lining f. Direct labor requirements: Bicycle helmet: Molding Department 0.30 hr. at $15 per hr. Assembly Department 0.10 hr. at $14 per hr. Motorcycle helmet: Molding Department 0.50 hr. at $15 per hr. Assembly Department 0.40 hr. at $14 per hr.ee g. Estimated factory overhead costs for May: $125,000 $23,000 Indirect factory wages Depreciation of plant and equipment Power and light Insurance and property tax 45,000 11,000 h. Estimated operating expenses Sales salaries expense N 8 Advertising expense Office salaries expense 92,000 Depreciation expense-office equipment 6,000 Miscellaneous expense-selling 5,000 Utilities expense-administrative 3,000 Travel expense-selling 50,000 Office supplies expense 2,500 Miscellaneous administrative expense 1,500 1. Estimated other income and expense for May: Interest revenue $14,560 Interest expense 3,000 1. Estimated tax rate: 25% Required: 1. Prepare a sales budget for May. Jupiter Helmets Inc. Sales Budget For the Month Ending May 31 Unit Sales Volume Unit Selling Price Bicycle helmet 7.500 Total Sales 180,000 Motorcycle helmet 875.000 1.055.000 Total revenue from sales 2. Prepare a production budget for May. Jupiter Helmets Inc. Production Budget For the Month Ending May 31 Bicycle Helmet Units Expected units to be sold 7,500 Plus desired inventory, May 3 400 Motorcycle Helmet Units 5,000 300 7,900 5,300 Total Less estimated inventory, May 1 200 100 Total units to be produced 7,700 5.2007 Expected units to be sold plus the desired ending Inventory minus the estimated 3. Prepare a direct materials purchases budget for May Jupiter Helmets Inc. Direct Materials Purchases Budget For the Month Ending May 31 Foam Lining Units required for production Bicycle helmet Motorcycle helmet Total 3. Prepare a direct materials purchases budget for May. Jupiter Helmets Inc. Direct Materials Purchases Budget For the Month Ending May 31 Plastic Foam Lining Units required for production: Bicycle helmet 6,930 1,540 Total Motorcycle helmet Total Total units to be purchased Unit price Total direct materials to be purchased Feedback Y Check My Work Production quantity (for both products) of plastic and foam lining, plus the desired er to be purchased. Multiply this amount by the respective unit price. 4. Prepare a direct labor cost budget for May. Jupiter Helmets Inc. Direct Labor Cost Budget For the Month Ending May 31 Molding Department Assembly Department Hours required for production: Bicycle helmet 2,310 Motorcycle helmet Total Total Hourly rate Total direct labor cost Feedbar Check My Work Multiply the labor hours required for production of both products by the respective direct lat 5. Prepare a factory overhead cost budget for May. Jupiter Helmets Inc. Factory Overhead Cost Budget For the Month Ending May 31 Indirect factory wages Depreciation of plant and equipment Power and light Insurance and property tax Total 6. Prepare a cost of goods sold budget for May. Work in process at the beginning of May is estimated to be $4,200, and work in process at the end of May is desired to be $3,800. Jupiter Helmets Inc. Cost of Goods Sold Budget For the Month Ending May 31 Direct materials: Direct materials purchases Cost of direct materials available for use Less: Direct materials inventory, May 31 mbio Direct labor Factory overhead Total manufacturing costs Total work in process during period Cost of finished goods available for sale 7. Prepare a selling and administrative expenses budget for May. Jupiter Helmets Inc. Selling and Administrative Expenses Budget For the Month Ending May 31 Selling expenses: Total selling expenses Administrative expenses: $ TE Total administrative expenses Total operating expenses 8. Prepare a budgeted income statement for May. Jupiter Helmets Inc. Budgeted Income Statement For the Month Ending May 31 Revenue from sales Cost of goods sold Gross profit Operating expenses: Selling expenses Administrative expenses ) Total operating expenses O Income from operations Other income: Interest revenue Other expenses: Interest expense Income before income tax Income tax expense Net income