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Assignment 5 P-5-5. Prepare a manufacturing overhead budget for 2020 showing each product line and total for the company. Explain whether or not the method for applying overhead to both product lines is fair. P-5-6. Prepare a cost of goods sold budget for 2020 from the direct materials purchases budget, direct labor budget, and manufacturing overhead budget. Explain why cost of goods sold differs from the total of these three budgets. P-5-7. Prepare a budgeted income statement for 2020 that shows each product line and total for the company. All operating and nonoperating expenses should be displayed in the total column only. P-5-8. Examine the Employee Listing worksheet (only available in the Student Excel Tem- plate). Analyze the data about employees' job classifications and hours as well as jobs. As Gatsby's managerial accountant, identify five questions you would like to use as a basis for a discussion with the owner about budgeting for performance