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QUESTIONS Tulip Inc is preparing an annual budget for the year 2023. c. Anformation needed for sales budget (vear): - Budgeted selling price is $5 per unit. - Budgeted sales for the year are 160,000 units. e. Information needed for Production budget (Year): - Desired ending inventory for the year is 15,000 units. - Beginning inventory is 5,000 units. Information needed for Direct Material usage and purchase budget (Year): - 3Kgs of direct material are required per unit of product. - Desired ending inventory of direct material for the year is 20,000kgs. - Beginning inventory of direct material is 10,000kgs. - Material cost is $0.20 per kg. Information needed for Direct Labor budget (Year): - Each unit of product requires 0.15 hours of direct labor. - The labor wage rate is $18 per hour. Information needed for Manufacturing Overhead budget (Year): - Budgeted overhead for the year: Indirect labor $14,000, Indirect material $8,000, Utilities $6,000, Rent $23,000. Information needed for Selling and administrative budget (Year): - The variable selling and administrative expenses are $0.6 per unit sold. - Fixed selling and administrative expenses are $68,000 per month. Information needed for Cost of Goods Manufactured budget (Year): - No beginning and ending Work-In-Process inventory are present. Information needed for Cost of Goods Sold Budget (Year): - Beginning Finished-goods inventory is $18,000. - Ending Finished-goods inventory $54,000. Prepare the following budgets for the year 2023: 1. Sales Budget. (10 points) 2. Production Budget. (12 points) 3. Direct Material Usage and Purchase Budget. (12 poin 4. Direct Labor Budget. (10 points) 5. Manufacturing Overhead Budget. (10 points) 6. Selling and Administrative Budget. (10 points) 7. Cost Of Goods Manufactured Budget. (12 points) 8. Cost Of Goods Sold Budget. (12 points) 9. Budgeted Income Statement. (12 points)

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