Division N has decided to develop its budget based upon projected sales of $35,000$ lamps at$$ $$53\mathrm{.}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 inventory of Lamp Kits to $650$ pieces and decreasing the finished goods by $20\%.$