Wong Inc. is preparing its annual budgets for the year ending December 31, 2020. The following information has been provided: LTE Class SLE Class Sales budget Expected volume in units 400,000 240,000 Unit selling price $30 $35 Production budget Desired ending finished good units 30,000 20,000 Beginning finished goods units 20,000 15,000 Direct materials budget: Direct materials per unit (kilograms) 2. 3 Desired kilograms of ending direct materials 50,000 15,000 Beginning kilograms of direct materials 40,000 10,000 Cost per kilogram $2 $3 Direct labour budget Direct labour time per unit (hours) 0.5 0.7 Direct labour rate per hour $12 $12 Budgeted income statement Total unit cost $11 $20 The Comptroller prepared the detailed manufacturing overhead budget and the selling and administrative expenses budget. The selling and administrative expense budget shows selling expenses of $850,000 for product LTE Class and $390,000 for product SLE Class, and administrative expenses of $520,000 for product LTE and $180,000 for product. Income taxes are expected to be 30% Required Prepare the following budgets for the year. Show data for each product. Quarterly budgets should not be prepared. 30% Required Prepare the following budgets for the year. Show data for each product. Quarterly budgets should not be prepared. a. Sales b. Production c. Direct materials d. Direct labour e. Income statement