Wesley Power Tools manufactures a wide variety of tools and accessories. One of its more popular items is a cordless power handisaw. Use the following information about this product line to complete the problem requirements. Each handisaw sells for $40. Wesley expects the following unit sales: Wesley?s ending finished goods inventory policy is 25 percent of the next month?s sales. Suppose each handisaw takes approximately .55 hours to manufacture, and Wesley pays an average labor wage of $1 5.50 per hour. Each handisaw requires a plastic housing that Wesley purchases from a supplier at a cost of $6.00 each. The company has an ending raw materials inventory policy of I O percent of the following month?s production requirements. Materials other than the housing unit total $4.00 per hand isaw. Manufacturing overhead for this product includes $72,000 annual fixed overhead (based on production of 24,000 units) and $1 .00 per unit variable manufacturing overhead. Wesley?s selling expenses are 6 percent of sales dollars, and administrative expenses are fixed at $15,000 per month. Required: 1. Compute the budgeted cost of goods sold following for the first quarter. (Round cost per unit to 2 decimal places. Round final answers to the nearest dollar amount.) Budgeted Cost of Goods Sold January February 1st Quarter Total2. Compute the budgeted selling and administrative expenses following for the first quarter. Budgeted Selling and Administrative Expenses $3. Complete the budgeted income statement for the hand isaw product for the first quarter. (Round cost 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 February March 1st Quarter total Budgeted Sales Revenue Budgeted Cost of Goods Sold Budgeted Gross Profit $ 0 Budgeted Selling and Administrative Expenses Budgeted Net Operating Income $ 0