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You have completed the budgets for the production inputs for 2022, summarized below. January February March April May June Direct materials $30,524 $50,945 $75,547 $76,000

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You have completed the budgets for the production inputs for 2022, summarized below. January February March April May June Direct materials $30,524 $50,945 $75,547 $76,000 $53,230 $50,584 Direct labour $30,019 $49,940 $74,055 $74,499 $51,981 $49,585 Manufacturing overhead $12,615 $20,986 $31,120 $31,307 $26,046 $20,837 July August September October November December Direct materials $41,678 $32,772 $29,923 $27,608 $23,867 $22,528 Direct labour $40,855 $32,126 $29,332 $27,062 $23,395 $22,083 Manufacturing overhead $17,169 $13,500 $12,326 $11,372 $ 9,832 $ 9,280 The cost per unit of the opening inventory in January is expected to be $705 per unit. You were also provided with the following to use for the selling and administrative budget Prior-year monthly expense information and assumptions: Shipping costs Wages and salaries Depreciation Utilities Insurance Miscellaneous a) Prepare the monthly cost of goods sold budget for 2022. $8,200 $7,100 $4,100 $2,900 $45 $20,000 per unit (no expected change) expected to increase by 3% ination only at the beginning of the year and then remain constant expected to stay the same expected to increase by 3% in February and then remain constant and then remain constant expected to stay the same b) Prepare the monthly selling and administrative expenses budget for 2022. expected to increase by 2% on renewal in Aprii c) Prepare the annual budgeted net income statement for 2022, ignoring income taxes based upon the information provided

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