Spring Manufacturing Company makes two components identified as C12 and D57 Selected budgetary data for 2019 follow. 40 Finished Components C12 D57 Requirenents for each finished component RM 1 RH 2 RM 3 Direct labor 10 pounds 8 pounds 4 pounds 1 pound 3 hours 2 pounds 2 hours nts Product information Sales price Sales (units) Estimated beginning inventory (units Desired ending inventory(units) $ 160 12,000 400 300 $ 250 12,000 200 200 irect Materials Information RM2 RM1 RN3 Cost per pound Estimated beginning inventory in pounds Desired ending inventory in pounds 6 4.500.50 500 3,500 1,200 4,100,400 2,000 The firm expects the average wage rate to be $25 per hour in 2019. Spring Manufacturing uses direct labor hours to apply overhead. Each year the firm determines the overhead application rate for the year based on budgeted direct labor hours for the year. The firm maintains negligible Work-in-Process Inventory and expects the cost per unit for both beginning and ending inventories of finished products to be identical. Factory Overhead 40 Information $ 15,000 5,400 45,000 120,000 260,000 18,000 10,050 71,340 43,400 11,000 599,190 Indirect materials-variable Miscellaneous supplies and tools-variable Indirect labor-variable Supervision-fixed Payroll taxes and fringe benefits-variable Maintenance costs-fixed Maintenance costs-variable Depreciation-fixed Heat, light, and power-fixed Heat, light, and power-variable oints Skipped Total Selling and Administrative Expense Information Advertising Sales salaries Travel and entertainment Depreciation-warehouse Office salaries Executive salaries Supplies Depreciation-office $ 61,000 240,000 5,000 4,900 60,000 300,000 3, 800 6,300 s 731,000 Total The effective income tax rate for the company is 50% 5. Prepare the Factory overhead budget for 2019. 6. Prepare the Cost of goods sold and ending finished goods inventory budgets for 2019. 7 Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses, and Administrative Expenses for 2019 8. Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2019 Required 2 Required 5 Required 6 R Required 1 Required 3 Required 4 Prepare the Factory overhead budget for 2019. SPRING MANUFACTURING COMPANY Factory Overhead Budget For the Year 2019 ints Variable factory overhead: Skipped Fixed factory overhead Total cash fixed factory overhead 0 Total budgeted factory overhead 0 40Resaure Required 1equired 2 Required 3 Required 4 Required 5 Required 6Required 7 Required 8 Prepare the Cost of goods sold and ending finished goods inventory budgets for 2019. (Round your intermediate calculations to 2 decimal places.) SPRING MANUFACTURING COMPANY Ending Finished Goods Inventory and Budgeted CGS For the Year 2019 points Skipped C12 D57 Total Sales volume 24,000 Cost of goods sold Ending finished goods inventory Budgeted ending inventories 40eanes Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required Prepare the Selling and administrative expense budget, broken down into two components: Selling Expenses, and Administrative Expenses for 2019. SPRING MANUFACTURING COMPANY Selling and Administrative Expense Budget For the Year 2019 oints Skipped Selling expenses: Administrative expenses Total selling and administrative expenses Required 1Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Prepare the Budgeted income statement, the last item of which is labeled After-tax Operating Income for 2019. (Round your intermediate calculations to 2 decimal places.) SPRING MANUFACTURING COMPANY Budget Income Statement For the Year 2019 oints Skipped C12 Total D57