Comprehensive Problem 5 Part B: Note: This section is a continuation trom Part A of the comprehensive problem. Be sure you have completed Part A before attempting Part B. You may have to refer back to data presented in Part A and use answers from Part A when completing this section. Gendine Spice ine, began operations on Jansary 1 of the curtent year. The company produces 8-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12 -botte cases for $100 per case. There is a seling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs Part B-August Budgets During July of the current year, the management of Genuine Spice Inc, anked the controller to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases at $100 per case for August. Inventory planning information is provided as follows: Finished Goods Inventory: Materiais ifventorki There nas tegligible work in process inventory awwemed for either the beginning or end of the monthy this, none was ascumed. In addition, there was no change in the cost per unvt or ectimated units per case operating data from January. There was negligible work in process inventory assumed for elther the begirining or end of the month; thus, none was assumed. In addition, there was no change in the cost per unit or estimated units per case operating data from January. Required: 5. Prepare the August production budget. 6. Prepare the Augutt direct materisis purchases budget. Enter the unit price to the nearest cent. Prepare the August direct labor cont budget. For hours required, round to nearest whole hour. For hourly rate, enter to the nearest cent, if required. 8. Prepare the August factory overthesd cost budget. If an amount box does not require an entry, leave it blank. 8. Prepare the August factory overhead cost budget. If an amount box does not require an entry, leave it blank. 9. Prepare the August budgeted income statement, including selling expenses. 9. Prepare the August budgeted income statement, Including selling expenses