tles During July of the current year to prepare August manufacturing and income statement bu 1,500 cases at $100 per case for Finished Goods Inventory: 70 , the management of Genuine Spice Inc. asked the controller budgets. Demand was expected to be August. Inventory planning information is provided as follows: 8.070 Cases Cost Estimated finished goods inventory, August 1 Desired finished goods inventory, August 31 300 175 $12,000 7,000 Materials Inventory Bottles Estimated materials inventory, August Desired materials inventory, August 31 Cream Base (ozs.) 250 1,000 Oils ozs.) (bottles) 290 360 600 240 There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per unit or estimated units per case operating data from January Instructions 5. Prepare the August production budget 6. Prepare the August direct materials purchases budget. 7. Prepare the August direct labor budget. Round the hours required for production to the nearest hour. 8. Prepare the August factory overhead budget. 9. Prepare the August budgeted income statement, including selling expenses