You start a lemonade stand. You estimate that you will sell 1,000 glasses of lemonade during the upcoming year. Each glass of lemonade sells for $3. Each glass comes with the following costs: Lemons, cups & sugar $ .90 Labor .20 Sales commission .30 $1.40 You also have the following costs for the year: Blender depreciation $ 500 Equipment maintenance $ 500 Rent on lemonade stand $ 500 Accountant $ 500 There are no other costs incurred. Because you only sell fresh lemonade, you dont keep any inventory of anything. Required: 1. What are your budgeted (estimated) sales for the year? $2,000 2. What are your budgeted production costs for the year? Break this amount down between the major categories of production cost (direct materials, direct labor and overhead). 3. What are the budgeted other costs (not related to production)? 4. What are your estimated total costs for the year? 5. What are your budgeted profits for the year? 6. Of the above costs, are there any that you would expect to incur every time we make a glass? How much are these per cup? How much of these would we budget for the upcoming year in total? 7. Of the above costs, are there any that you would expect we will NOT incur more of every time we make a glass? How much of these would we expect IN TOTAL for the upcoming year. 8. What is the total for the year for #6 and #7 above? How does this compare to #4? 9. How many cups must you sell in order to break even for the season? 10. How many cups must you sell if you wish to make a profit of $1,000 for the season?