please answer parts 5 and 6 from this practice problem 5.6.GOLD MEDAL ATHLETIC CO.Factory Overhead Cost BudgetFor the Month Ending March 31Indirect factory wagesDepreciation of plant and equipmentPower and lightInsurance and property taxTotalFinished goods inventory, March 1Work in process, March 1Direct materials:GOLD MEDAL ATHLETIC CO.Cost of Goods Sold BudgetFor the Month Ending March 31Direct materials inventory, March 1Direct materials purchasesCost of direct materials available for useDirect materials inventory, March 31Cost of direct materials placed in productionDirect laborFactory overheadTotal manufacturing costsTotal work in process during periodWork in process, March 31Cost of goods manufacturedCost of finished goods available for saleFinished goods inventory, March 31Cost of goods soldSupporting calculations:Finished goods inventory, March 1:Batting helmetFootball helmetTotalFinished goods inventory, March 31:Batting helmetFootball helmetTotalDirect materials inventory, March 1PlasticFoam liningTotalDirect materials inventory, March 31PlasticFoam liningTotalUnits||||Cost||||Total The budget director of Gold Medal Athletic Co., with the assistance ofthe controller, treasurer, production manager, and sales manager, has Excelgathered the following data for use in developing the budgeted incomestatement for March:a. Estimated sales for March:Batting helmetFootball helmetb. Estimated inventories at March 1:Direct materials:Plastic......Foam lining....90 lb.80 lb.Direct materials:Plastic.....Foam lining...c. Desired inventories at March 31:50 lb.65 lb.Finished products:Batting helmet........Football helmet...In manufacture of batting helmet:Plastic....Foam lining....In manufacture of football helmet:Plastic.Foam lining.d. Direct materials used in production:1,200 units at $40 per unit6,500 units at $160 per unitFinished products:Batting helmet.........Football helmet........40 units at $25 per unit240 units at $77 per unit50 units at $25 per unit220 units at $78 per unit1.20 lb. per unit of product0.50 lb. per unit of product3.50 lb. per unit of product1.50 lb. per unit of producte. Anticipated cost of purchases and beginning and ending inventory of direct materials:$6.00 per lb.$4.00 per lb.Plastic....Foam lining.f. Direct labor requirements:Batting helmet:Molding Department.Assembly Department.Football helmet:Molding Department.Assembly Department.g. Estimated factory overhead costs for March:Indirect factory wagesDepreciation of plant and equipmenth. Estimated operating expenses for March:Sales salaries expenseAdvertising expenseOffice salaries expenseDepreciation expense-office equipmentTelephone expense-sellingTelephone expense-administrativeTravel expense-sellingOffice supplies expenseMiscellaneous administrative expenseInterest revenueInterest expense$86,00012,000j. Estimated tax rate: 30%i. Estimated other income and expense for March:$940872$184,30087,20032,4003,8005.8001,2009,0001,1001,0000.20 hr. at $20 per hr.0.50 hr. at $14 per hr.Power and lightInsurance and property tax0.50 hr. at $20 per hr.1.80 hrs. at $14 per hr.$4,0002,300

One of the important budgets prepared by the business organization includes the cost of goods sold…

The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March: a. Estimated sales for March: Batting helmet..... Football helmet. b. Estimated inventories at March 1: Direct materials: Plastic........... Foam lining..... Direct materials: c. Desired inventories at March 31: Plastic.......... 90 lb. 80 lb. Foam lining......... 50 lb. 65 lb. Finished products: Batting helmet........ Football helmet.... In manufacture of batting helmet: Plastic......... Foam lining. d. Direct materials used in production: In manufacture of football helmet: Plastic....... Foam lining.. Finished products: Batting helmet......... Football helmet........ Excel 1,200 units at $40 per unit 6,500 units at $160 per unit 40 units at $25 per unit 240 units at $77 per unit 50 units at $25 per unit 220 units at $78 per unit 1.20 lb. per unit of product 0.50 lb. per unit of product 3.50 lb. per unit of product 1.50 lb. per unit of product + e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic...... Foam lining.... f. Direct labor requirements: Batting helmet: Molding Department. Assembly Department.. Football helmet: Molding Department... Assembly Department. g. Estimated factory overhead costs for March: Indirect factory wages Depreciation of plant and equipment Travel expense-selling Office supplies expense Miscellaneous administrative expense h. Estimated operating expenses for March: Sales salaries expense Advertising expense Office salaries expense Depreciation expense-office equipment Telephone expense-selling Telephone expense-administrative $6.00 per lb. $4.00 per lb. Interest revenue Interest expense j. Estimated tax rate: 30% $86,000 12,000 $940 872 i. Estimated other income and expense for March: $184,300 87,200 32,400 3,800 5,800 Power and light Insurance and property tax 1,200 9,000 1,100 1,000 0.20 hr. at $20 per hr. 0.50 hr. at $14 per hr. 0.50 hr. at $20 per hr. 1.80 hrs. at $14 per hr. $4,000 2,300