Complete the following budgets 1 Production Budget Planned Sales Desired Ending Inventory of Finished Goods (roundup to the next unit) Total Needed Less: Beginning Inventory Total Production {7.01} 2 Materials Budget Figurines Needed for Production {8.01} Desired Ending Inventory {8.02} Total Needed Less: Beginning Inventory {8.03} Total Purchases {8.04} Cost per piece Cost of Purchases (Round to two places, $##.##) {8.05} Electrical Parts Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $##.##) Lamp Shades - not inventoried they arrive from the shop next door Just-in-time. Needed for Production Desired Ending Inventory Total Needed Less: Beginning Inventory Total Purchases Cost per piece Cost of Purchases (Round to two places, $##.##) 3 Direct Labor Budget Labor Cost Per Lamp Production Total Labor Cost (Round to two places, $##.##) {8.06} {8.07} {8.08} {8.09} 4 Factory Overhead Budget Variable Factory Overhead: Variable Factory Overhead Cost Per Unit Number of Units to be Produced Total Variable Factory Overhead (Round to two places, $##.#) Fixed Factory Overhead Total Factory Overhead (Round to two places, $##.##) Predetermined Factory Overhead Rate based upon the budgeted total factory OH, divided by the budgeted number of units to be produced, and then rounded to seven places, $##.#######) {8.10} {8.11} {8.12} Division N has decided to develop its budget based upon projected sales of 35,000 lamps at $51.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of. 1. Production Budget 2. Materials Budget 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget 7. Budgeted Income Statement 8. Cash Budget Notes for Budgeting: The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the figurines inventory to 600 pieces and increasing the finished goods by 26.00%.