P1. Sam Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units of finished good Unit selling price 600,000 $25 Production budget: Desired ending finished goods units 30,000 Beginning finished goods units 40,000 Direct materials budget: Direct materials per unit of finished good (pounds) 4 Desired ending direct materials pounds 50,000 40,000 Beginning direct materials pounds Cost per pound of materials $2 Direct labor budget: Direct labor time per unit of finished good 0.5 $20 Direct labor rate per hour Budgeted income statement: Total unit cost (COGM/unit) $22 The selling expenses budget is $560,000, while the administrative expenses budget is $540,000 Interest expense is $150,000 and income taxes are expected to be 30%. Instructions: Prepare sales, production, direct materials, direct labor, and income statement budgets