Use the filled in blanks to complete the empty blanks

operations, by preparing budgets from its master budget. selling and administrative costs, and in creating a budgeted income statement showing a prediction of net income for 20Y2. You have been asked to assist the controller of LearnCo in preparing the 20Y2 budgets. Sales Budget economic conditions. LearnCo has completed reviewing its prior year's sales and has prepared the following sales budget. Production Budget and desired inventory levels. Direct Materials Purchases Budget The direct materials purchases budget should be integrated with the production budget to ensure that production is not interrupted during the year. sales budget and production budget you prepared. When required, round your answers to the nearest dollar. Direct Materials Data Table \begin{tabular}{lcc} \hline & Wood Pieces & Beads \\ \hline Packages required per unit: & & \\ Basic abacus & 1 & 2 \\ Deluxe abacus & 2 & 3 \\ Cost per package: & & \\ Wood pieces & $0.25 \\ Beads & $0.25 \end{tabular} Units to be produced (from Production Budget): Basic abacus Deluxe abacus = Direct Labor Data Table Hours required for production: Basic abacus Deluxe abacus Total Hourly rate Total direct labor cost Factory Overhead Cost Budget overhead costs into fixed and variable costs so that department managers may monitor and evaluate costs during the year. For simplicity, LearnCo has not separated costs in this manner. After reviewing the following factory overhead cost budget, you note that LearnCo has completed the budget with the exception of one amount. Fill in the missing amount. Cost of Goods Sold Budget also be integrated into the cost of goods sold budget. Complete the preparation of the cost of goods sold budget for LearnCo, using information that follows provided by the controller, and using the previous budgets you have prepared. LearnCo Cost of Goods Sold Budget For the Year Ending December 31, 20Y2 Finished goods inventory, January 1,20Y2 Work in process inventory, January 1, 20Y2 $2,010 Direct materials: Direct materials inventory, January 1,20Y2 Direct materials purchases Cost of direct materials available for use Direct materials inventory, December 31,20Y2 Cost of direct materials placed in production Direct labor Factory overhead Total manufacturing costs Total work in process during period Work in process inventory, December 31,20Y2 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31,20Y2 Cost of goods sold Selling/Admin. Expenses Budget administrative expenses budget as follows. This budget is merely reviewed by you for use on the budgeted income statement. LearnCo Selling and Administrative Expenses Budget For the Year Ending December 31, 20Y2 Selling expenses: Budgeted Income Statement statement are on the following Budgeted Income Statement Data Table. Review the Budgeted Income Statement Data Table, then complete the budgeted income statement that follows the table. Round the computed amount for income tax to the dollar. Budgeted Income Statement Data Table \begin{tabular}{lr} \hline Interest revenue for the year & $2,000 \\ Interest expense for the year & $1,500 \\ LearnCo's income tax rate & 40% \end{tabular}