Wesley Power ools manufactures a wide variety o tools and accessories. One o its more popular items is a cor less po e ha disaw following unit sales: andisa se for i esie expect the January February March April May 2,000 2,300 2,800 2,700 2,200 Wesley's ending finished goods inventory policy is 25 percent of the next month's sales. Suppose each handisaw takes approximately .25 hours to manufacture, and Wesley pays an average labor wage of $13.50 per hour. Each handisaw requires a plastic housing that Wesley purchases from a supplier at a cost of $4.00 each. The company has an ending raw materials inventory policy of 10 percent of the following month's production requirements. Materials other than the housing unit total $4.00 per handisaw Manufacturing overhead for this product includes $69,000 annual fixed overhead (based on production of 24,000 units) and $1.10 per unit variable manufacturing overhead. Wesley's selling expenses are 4 percent of sales dollars, and administrative expenses are fixed at $18,000 per month. 3. Complete the budgeted income statement for the handisaw product for the first quarter. (Round direct material, direct labor and overhead costs per unit to 2 decimal places Round final answers to the nearest dollar amount.) WESLEY POWER TOOLS Budgeted Income Statement For the Quarter Ending March January Februar March 1st Quarter Total Budgeted Sales Revenue dgeted Cost of Goods Sold Budgeted Gross Profit 0 Budgeted Selling and Administrative Expenses Budgeted Net Operating Income