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Mike's Bikes makes and sells highquality replacement gears for mountain bikes. Mike Speedway, controller, is responsible for preparing the master budget and has assembled the following data for 2016. The direct labour rate Indudes wages and all cmplayec-related bencfits and the employee's share of Canada Pension Plan (CPP) and Employment Insurance (EI). Labour-saving machinery will be fully operational by February. Also, as of March 1, the company's unian contract calls for an increase in direct labour wages that is included in the direct labour rate. Mike's Bikes expects to have 124 gear units in inventory at December 31, 2015, and has a policy of carrying 5% of the following month's projected sales in inventory during the first quarter of the year. Mike's Bikes has 30 kg. of direct materials on hand at December 31, 2015 and has a policy of carrying 5% of the following month's projected production needs in inventory during the first quarter of the year. 2016 January February March April Estimated unit sales 992 1,240 2,480 2,976 Sales price per unit $25 525 $20 $20 Direct labour hours per unit 0.75 0.50 0.50 0.50 Direct labour hourly rate S18 $20 $20 Direct materials cost per unit $7 S7 $7 Direct materials per gear 0 .30 kg 0.30 kg 0.30 kg 0.30 kg $18 Your answer is partially correct. Try again. Prepare the following budgets for Mike's Bikes for the first quarter of 2016. Be sure to show supporting calculations: (1) Sales Budget. Sales Sales price per unit Sales Revenue January February March Total 992 1240 12480 712 425 325 320 $24800 $31000 49600 105400 Total (2) Production Budget in units. January February March Sales 992 1240 2490 AddEnding Inventaryl GZ 124 149 149 Less Beginning Inventory 124 62 124 124 Production 93012022505 (3) Direct Materials Budget in units and cost. January March 751 Purchases Direct Materials Add: Ending Inventory Less: Beginning Inventory Purchases Direct Material cost ma 1934 2773 $536 9993 (4) Direct Labour Budget in hours. March Total Production 2505 0.50 4737 0.50 February 930 1302 0.75 651 $18 $12555 $11718 1253 Direct Labour hours per unit Direct Labour hours Direct Labuur hourly rate Direct Labour cost 2601 sie 25018 19321