Prepare all the Budgets for: Sales are expected to increase by 10% per month. January sales are expected to be 110,000 units We want an ending finished goods inventory balance each month of 10% of the current months sales Each unit sells for $85 Each unit required 2 pounds of raw material A, and 5 grams of raw material B. Raw material A costs $11 per pound and raw material B costs $1 per gram. We want an ending raw materials inventory of 20% of the current months production requirement Each unit requires 10 minutes of direct labor at $17 per hour Manufacturing overhead is based on direct labor hours at $5 per hour A sales commission of $2 paid on each unit sold. The Sales and Administrative office employs staff with salaries and wages expense of $150,000 per year, occupies a building with property tax expense of $9,600 per year and $12,000 per year in depreciation expense. Prepare the following budgets for January, February, and March: 1. Sales Budget 2. Production Budget 3. Direct Materials Budget 4. Direct Labor Budgets 5. Manufacturing Overhead Budget 6. Selling and Administrative Budget 7. Budgeted Income Statement