Use Excel to prepare the following budgets for March 2020:

1. Sales budget
2. Production budget
3. Direct materials purchase budget
4. Direct labor cost budget
5. Factory overhead cost budget
6. Costs of goods sold budget. Work in process at the beginning of March is estimated to be $11,000, and work in process at the end of March is desired to be $12,500.
7. Selling and administrative expenses budget
8. Budgeted income statement

The excel (or google sheet) document should have a different tab for each budget (8 total).

Information for Budgeted Income Statement and Supporting Budgets:

The budget director of Athletic Supplies 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 March:

a. Estimated sales for March: Batting helmet 1,100 units at $42 per unit Football helmet 6,400 units at $146 per unit

b. Estimated inventories at March 1: Direct materials: Plastic 55 lbs. Foam lining 65 lbs. Finished products: Batting helmet 75 units at $28 per unit Football helmet 220 units at $75 per unit

c. Desired inventories at March 31: Direct materials: Plastic 70 lbs. Foam lining 74 lbs. Finished products: Batting helmet 50 units at $27 per unit Football helmet 225 units at $72 per unit

d. Direct materials used in production: In manufacture of batting helmet: Plastic 1.5 lbs. per unit of product Foam lining 0.75 lb. per unit of product In manufacture of football helmet: Plastic 3.5 lbs. per unit of product Foam lining 1.75 lbs. per unit of product

e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $5.4 per lb. Foam lining $3.6 per lb.

f. Direct labor requirements: Batting helmet: Molding Department 0.3 hr. at $21 per hr. Assembly Department 0.6 hr. at $15 per hr. Football helmet: Molding Department 0.8 hr. at $21 per hr. Assembly Department 1.6 hrs. at $15 per hr.

g. Estimated factory overhead costs for March: Indirect factory wages $75,000 Depreciation of plant and equipment 14,000 Power and light 3,000 Insurance and property tax 3,700 h. Estimated operating expenses for March: Sales salaries expense $186,200 Advertising expense 88,200 Office salaries expense 33,500 Depreciation expenseoffice equipment 5,000 Telephone expenseselling 3,900 Telephone expenseadministrative 1,500 Travel expenseselling 10,000 Office supplies expense of 1,500 Miscellaneous administrative expenses 2,200 i. Estimated other income and expenses for March: Interest revenue 800 Interest expense 875

j. Estimated tax rate: 30%