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$25 3. AP Deleon Inc. is preparing its annual budgets for the year ending December 31, 2020. Accounting assistants furnish the data shown below. Product JB Product JB 50 60 Sales budget: Anticipated volume in units 400,000 200,000 Unit selling price $20 Production budget: Desired ending finished goods 30,000 15,000 units Beginning finished goods units 25.000 10,000 Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials 30,000 pounds Beginning direct materials 15,000 pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: 10,000 40,000 $4 $12 $13 anufacts sellininis Total unit cost $20 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $560,000 for product JB 50 and $360,000 for product JB 60, and administrative expenses of $540,000 for product JB 50 and $340,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30% Instructions Prepare the following budgets for the year. Show data for each product. Quarterly budgets should not be prepared. Sales. Production Direct materials. Direct labor. Multiple-step income statement (Note: income taxes are not allocated to the products). Deleon Inc. Direct Labor Budget For the Year Ending December 31, 2020 JB 50 JB 60 Total 4 Deleon Inc. Budgeted Income Statement For the Year Ending December 31, 2020 JB 50 JB 60 Total 5