Thompson Inc. makes snowboards. The company has provided the following information. Please complete the mater budget using the information provided. Expected Sales for January 2,900 units Expected Selling Price 650 units Beginning Finished Goods Inventory 500 units $ 374.80 per unit Desired Ending Finished Goods Inventor 200 units $ 607.00 per unit Materials Requirements Wood 9 board feet per snowboard Fiberglass 10 yards per snowboard Direct Materials Inventory Wood 01/01/2018 2.040 board feet S 32.00 per board feet Fiberglass 01/01/2018 1,040 yards S 8.00 per yard Wood 01/31/2018 1,540 board feet S 34.00 per board feet Fiberglass 01/31/2018 2.040 yards S 9.00 per yard Direct Manufacturing Labor 5 hours per unit S 29.00 per hour Variable Manufacturing Overhead S 7.00 per direct labor hour Fixed Manufacturing Costs $ 81,000 Budgeted Total Manufacturing Cost Per Unit S 66.00 Variable Marketing Costs 38 visits $ 250.00 per visit Fixed Selling and Administrative Costs S 35,000 Part 1: Prepare a Revenue Budget. Thompson Inc. Revenues Budget For the Month of January Selling Price Units Total Revenues Part 2: Prepare a Production Budget in (units). Thompson Inc. Production Budget (units) For the Month of January Units Budgeted Unit Sales Add: Desired Ending Finished Goods Inventory Total Requirements Deduct: Beginning Finished Goods Inventory Units to Be Produced Part 3: Prepare a Direct Materials Usage budget. Thompson Inc. Direct Materials Usage Budget For the Month of January Wood Fiberglass Physical Units Budget Wood Fiberglass To Be Used in Production Cost Budget Available from Beginning Inventory Wood Fiberglass To Be Used From Purchases this Period Wood Fiberglass Total Cost of Direct Materials to be Used Part 4: Prepare a Direct Materials Purchases Budget Fiberglass Thompson Inc. Direct Materials Purchases Budget For the Month of January Wood Production Usage Add: Target Ending Inventory Total Requirements Deduct: Beginning Inventory Purchases Cost Budget Wood Fiberglass Purchases Part 5: Prepare a Direct Manufacturing Labor Budget Thompson Inc. Direct Manufacturing Labor Budget For the Month of January Labor Category Manufacturing Labor Units Produced DL Hours Per Unit Wage Rate Total Part 6: Prepare a Manufacturing Overhead Budget Thompson Inc. Manufacturing Overhead Budget For the Month of January Variable Manufacturing Overhead Costs Fixed Manufacturing Overhead Costs Total Manufacturing Overhead Costs Part 7: Prepare an Ending Inventories Budget Thompson Inc. Ending Inventories Budget For the Month of January Units Cost per Unit Total Direct Materials Wood Fiberglass Finished Goods Total Ending Inventory Part 8: Prepare a COGS Budget Thompson Inc. COGS Budget For the Month of January Beginning Finished Goods Inventory 01/01/2018 Direct Materials Used Direct Manufacturing Labor Manufacturing Overhead Cost of Goods Available Deduct Ending Inventory COGS Part 9: Prepare a Budgeted Income Statement. Thompson Inc. Budgeted Income Statement For the Month of January Revenues COGS Gross Margin Variable Marketing Costs Fixed Selling and Administrative Costs Net Operating Income