William Miller, Sheridan & Miller Fabricators production manager, has just received the company's sales budget for the first quarter: January 23,000 February 26.000 8,000 March 32.000 Quarter 81.000 8.500 6,500 8.500 Budgeted unit sales Budgeted ending inventory Total units required Beginning inventory Budgeted production 29,500 3,200 26,300 34.000 6,500 27.500 40.500 8.000 32.500 89.500 3.200 86,300 Its manufacturing overhead budget for the first quarter is as follows: January February March DLH worked 5.260 5.500 6.500 VOH per DLH $1.75 $1.75 $1.75 Budgeted VOH 9.205 9.625 11,375 Budgeted FOH 102.900 102.900 102.900 Total Budgeted MOH 112,105 112.525 114.275 Noncash MOH items Depreciation 35,000 35.000 35.000 Total Cash MOH Cost $77,105 $77.525 $79,275 Quarter 17.260 $1.75 30.205 308,700 338.905 105,000 $233,905 He also has received the direct materials purchases budget and direct labor budget which were as follows: January 26,300 X6 February 27.500 April 32.000 xo 192,000 Budgeted production Standard pounds per unit Production needs Budgeted ending inventory Total DM required (lbs.) Beginning inventory Budgeted purchases (lbs.) Standard cost per pound Budgeted purchases cost 157,800 16,500 174.300 13.000 161,300 $1.50 $241.950 165,000 19.500 184,500 16.500 168,000 $1.50 $252.000 March 32,500 x 6 195,000 19.200 214,200 19.500 194.700 $1.50 $292.050 Quarter 86,300 x 6 517,800 19.200 537.000 13.000 524,000 $1.50 $786.000 Budgeted production Standard DLH per unit Total DLH required Standard wage rate Budgeted DL cost January 26,300 x 0.20 5.260 * $20 $105.200 February 27.500 *0.20 5,500 *$20 $110,000 March 32.500 x 0.20 6,500 x $20 $130,000 Quarter 86,300 x0.20 17.260 * $20 $345.200 Joshua plans to have 3.200 finished bricks at a cost of $48,000 in inventory at the beginning of the year. The company applies manufacturing overhead based on direct labor hours, and the current predetermined rates are $12.25 per direct labor hour for fixed manufacturing overhead and $1.75 per direct labor hour for variable manufacturing overhead. Prepare Sheridan & Hill's ending inventory and cost of goods sold budget for the first quarter. Assuming that the company has no beginning and ending WIP inventory. (Round unit cost to 2 decimal places, e.g. 5.33 & all other answers to o decimal places, e.g. 5,275.) Direct Materials $ Finished Goods Inventory Cost of Goods Sold