The Budget Director of Richardson Inc., in consultation with other members of executive management, has gathered the following data for use in developing a master budget for operations and a cash budget for December. Use the following data to set up, in good form, the following budgets for December for Richardson Inc.: Sales Budget Production Budget Direct Materials Purchases Budget Direct Labor Cost Budget Cost of Goods Sold Budget Budgeted Income Statement Cash Budget . Be sure each budget has a heading identifying the company name, the budget title, and the time period. Estimated sales for Drome Product Units Sell Price per Unit 50,000 34 12.000 72 inventories, December 1 edia Pounds 4,000 3,500 Product Units 3,800 2,700 Cost per Unit 17 35 Cost of Work in Process 12/1$ 38,450 Estimated inventories, December 31 Material Pounds 3,000 2.500 1 Product Units 2.500 2,000 Cost per Unit 17 35 Cost of Work in Process, 12/31 $ 39,010 Direct Materials used in production Material Pounds per Pounds per unit of Y unit of Z 0.7 12 3.5 18 Unit costs for direct materials Cost per Material pound 8 5 Direct labor requirements Product Department 1 Hours per unit S Rate per hour 0.4 Department 2 Houts per unit Rate per hour 12 0.15 16 16 0.6. 0.25 F2050 Factory overhead actual casts Estimated total $ 314,000 Operating expenses Estimated total $ 686,000 Estimated income tax rate 20% 8,200 80% 80% 90% Cash estimates for December: Estimated cash balance, 12/1$ Sales expected to be collected in cash in December Direct materials purchases expected to be paid in December Direct labor costs expected to be paid in December Factory overhead costs expected to be paid in December Operating expenses expected to be paid in December Income taxes expected to be paid in December No other cash receipts or payments expected in December Desired cash balance, 12/315 75% 7096 30% 102,000