Westey's ending finished goods inventory policy is 35 percent of the next month's sales Suppose each handisaw takes approximately 35 hours to manutacture, and Wesley pays an average labor wage of $15.50 per hour. Each handisaw requires a plasic housing that Wesley purchases from a supplier ata 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 S3.50 per handisaw. Manufacturing overhead for this product indludes S00.000 annual foxed overhead (based on production of 24,000 units) and $.70 per unit variable manufacturing overhead. Wesley's selling expenses are 4 percent of sales dollars, and administrative expenses are fxed at $17.000 per month. Required 1. Compute the budgeted cost of goods sold following for the frst quarter. (Round cost per unit to 2 decimal places. Round final answers to the nearest dollar amount) January February March 1st Quarter Total Budgeted Cost of Goods Sold 2. Compute the budgeted selling and administrative expenses following for the first quaner January February March 1st Quarter Total Budgeted Seling and Administrative Expenses 3. Complee e busgeted income stement for he handisaw productfor the frst quaner. LRound cost per unit to 2 decimal plases. Roundfralanswers t1o the nearest dolaramount WE SLEY POWER TOOLS Budgeted Income Statenent For the Quarter Ending March January February March Ist Quarter Tutal