Prepare the following budgets for the year. Show data for each product. A quarterly budget will not be prepared.

A) Sales

B) Production

C) Direct Material

D) Direct Labor

E) Income Statement (Income taxes are not allocated to the products)

Lily Inc. is preparing its annual budgets for the year cnding Decernber 31, 2022. Accounting assistants furnish the data shown below. Sales budget: Anticipated volume in units Unit selling price 336.000$25168,000$30 Production budget: DesiredendingfinishedgoodsunitsBeginningfinishedgoodsunits25,20021,00012,6008,400 Direct materials budget: Directmaterialsperunit[pounds)DesiredendingdirectmaterialspoundsBeginningdirectmaterialspoundsCostperpound225,20033,600$338,40012,600$4 Direct labor budget: Direct labor time perunit 0.40.6 Directlaborrateperhour$12$12 Budgeted income statement: Total unit cost $13 $20 administrative expenses of $453,600 for product JB 50 and $285,600 for product JB b0. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 20%