Accounting Artifacts is a business created to sell lifesize abaci. Below are details regarding the budgetary assumpts for quarter three. Month July August September October ABCDwu Complete the following instructions: A. B. C. D. E. F. Office Salaries $35,000/month Sales price per unit is $180 Plans are to have an inventory of finished product equal to 20% of the unit sales for the next month. There was 4,000 units in beginning inventory on July 1st. Three pounds of materials are required for each unit produced. Each pound of material costs $20. Inventory levels for materials equal 30% of the needs for the next month. Desired ending inventory for September is 25,200 pounds of material. Beginning inventory for July was 20,700 pounds of material. Each unit requires 0.6 hours of direct labor and the average wage rate is $16 per hour. Variable overhead rate is $3.50 per direct labor hour. There is also fixed overhead of $22,000 per month. Cost of goods sold is $72.50 per unit The balance in common stock was $3 million at the beginning of the quarter. The balance in retained earnings was $1,634,442 at the beginning of the quarter. Accounts receivable had a beginning balance of $1,200,000. Seventy percent of sales are collected in the month of sale and 30 percent are collected in the following month. Accounts payable had a beginning balance of $900,000. Forty percent of purchases are paid for in the month of purchase and 60 percent are paid for the following month. Cash had a beginning balance of $2,000,000 on July 1. The company pays a 3% commission on sales. The company issued an additional $57,600 in common stock during the period. Company has fixed selling and administrative expenses as follows: Rent $6,000/month Utilities $1,200/month Advertising $400/month Prepare a sales budget and schedule of expected cash follections for the quarter. Prepare a production budget for the quarter. Unit Sales 20,000 35,000 25,000 30,000 Prepare a direct labor budget in hours and total cost for the quarter. Prepare a manufacturing overhead budget for the quarter. Prepare a selling and administrative expense budget for the quarter. Prepare a direct materials budget in pounds and dollars for the quarter and schedule of expected cash disbursements.