Igloo Inc is preparing its annual budgets for the year ending October $31,2023.$ Accounting assistants have provided the following data for it's two products:

Aces Zeds

Sales budget

Expected volume in units $400,000240,000$

Unit selling price $$30$ $$35$

Production budget

Desired ending finished goods units $30,00020,000$

Beginning finished goods units $20,00015,000$

Direct materials budget

Direct materials per unit $($kilograms$)23$

Desired kilograms of ending direct materials $50,00015,000$

Beginning kilograms of direct materials $40,00010,000$

Cost per kilogram $$2$ $$3$

Direct labour budget

Direct labour time per unit $($hours$)0\mathrm{.}50\mathrm{.}7$

Direct labour rate per hour $$12$ $$12$

Budgeted income statement

Total unit cost $$11$ $$20$

An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expenses budget. The latter shows selling expenses of $$850,000$ for Aces and $$390,000$ for Zeds, and administrative expenses of $$520,000$ for Aces and $$180,000$ for Zeds. Income taxes are expected to be $30\%.$

Prepare the sales budget, production budget, direct materials budget, direct labour budget and income statement. From those, answer the following questions;

$1.$ Sales, Aces

$2.$ Sales, Zeds

$3.$ Required units, Aces

$4.$ Required units, Zeds

$5.$ Required production in units, Aces

$6.$ Required production in units, Zeds

$7.$ Hours required for production, Aces

$8.$ Hours required for production, Zeds

$9.$ Cost of direct labour, Aces

$10.$ Cost of direct labour, Zeds

$11.$ Total materials required, Aces

$12.$ Total materials required, Zeds

$13.$ Costs of materials purchased, Aces

$14.$ Costs of materials purchased, Zeds

$15.$ Selling and admin, Aces

$16.$ Selling and admin, Zeds

$17.$ Income tax expense

$18.$ Cost of goods sold $($Aces and Zeds$)$

$19.$ Gross profit $($Aces and Zeds$)$

$20.$ Net income