P9.2A (LO 2, 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 50 Product JB 60 Sales budget: Anticipated volume in units Unit selling price 400,000 $20 200,000 $25 Product JB 50 Product JB 60 Production budget: Desired ending fini goods units 30,000 15.000 Beginning finished goods units 25,000 10,000 Direct materials budget: Direct materials per unit (pounds) 2 3 Desired ending direct materials pounds 30,000 10,000 Beginning direct materials pounds 40,000 15,000 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.4 0.6 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 $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 a. Sales d. Direct Inbot. b. Production e. Multiple-step income statement (Note: income taxes are not allocated c. Direct materials. to the products) ADD