Section Name Problem 1 (Textbook Reference: P7-1)- Determine budgeted cost of goods sold P7-1) -Determine budgeted cost of goods sold; prepare operating budgets monthly operating and financial budgets. The operating budgets for June and July are based on Joyce Corporation prepares the following data: Units Produced 400,000 360,000 Units Sold 360,000 400,000 June July All sales are s30 per unit. Direet materials, direct labor, and variable manufacturing overhead are estimated at $3, S6, and s3 per unit, respectively. Total fixed manufacturing overhead is budgeted at $1,080,000 per month. Selling and administrative expenses are budgeted at S 1,200,000 plus 10% of sales, while federal income taxes are budgeted at 40% or income before federal income taxes. The inventory at June I consists of 200,000 units with a cost of $17.10 Required: a Prepare moathly budget estimates of cost of goods sold assuming that FIFO inventory procedure is used b Prepare planned operating budgets for June and July. Templates have been provided on the next page