Ivanhoe Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the following. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 432,000 216,000 Unit selling price $20 $25 Production budget: Desired ending finished goods units 32,400 16,200 Beginning finished goods units 27,000 10,800 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 32,400 10,800 Beginning direct materials pounds 43,200 16,200 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.40 0.60 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $13 $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $604,800 for product JB 50 and $388,800 for product JB 60, and administrative expenses of $583,200 for product JB 50 and $367,200 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%. (c) Your answer is partially correct. Prepare the direct materials budget for the year. IVANHOE INC. Direct Materials Budget For the Year Ending December 31, 2022 JB 50 JB 60 Direct Materials per Unit Desired Ending Direct Materials (Pounds) 4 32,400 10,800 Beginning Direct Materials (Pounds) 43,200 16,201 Add : Cost per Pound 3 Total Direct Labor Cost a Less : Direct Labor Time per Unit 0.40 0.61 Direct Labor Cost per Hour 12 1: Total Required Units $ $ Desired Ending Finished Goods Units $ $ (d) Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, e.g. 52.5.) IVANHOE INC. Direct Labor Budget JB 50 JB 60 Total $ $ A $ $ $ e Textbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (e) Prepare the budgeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). IVANHOE INC. Budgeted Income Statement 4 JB 50 JB 60 Total $ $ $ 4 $ $ $