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Hale Specialties manufactures, among other things, woolen blankets for the athletic teams of the two local high schools. The company sews the blankets from fabric and sews on a logo patch purchased from the licensed logo store site. The teams are as follows: Broncos, with red blankets and the Broncos logo Rams, with black blankets and the Rams logo Also, the black blankets are slightly larger than the red blankets. The budgeted direct-cost inputs for each product in 2017 are as follows: Broncos BlanketRams Blanket Red wool fabric5yards0Yards Black wool]fabric06 Broncos logo patches10 Rams logo patches01 Direct manufacturing labor4Hours5Hours Unir data pertaining to the direct materia; for march 20175 are as follows: Actual Beginning Direct Material Inventory (3/1.2017) Broncos BlanketRams Blanket Red wool fabric40yards0Yards Black wool]fabric020 Knight logo patches500 Raider logo patches065 Target ending Direct Material (3/31/2017) Broncos BlanketRams Blanket Red wool fabric30yards0Yards Black wool]fabric020 Broncos logo patches300 Rams logo patches030 Unit cost data for direct-cost inputs pertaining to February 2017 and March 2017 are as follows: Broncos BlanketRams Blanket Red wool gabric-per yard$10$11 Black wool fabric-per yard1413 Bronco logo patches-per patch88 Rams logo patches-per patch79 Manufacturing labor cost per hr2728 Manufacturing overhead (both variable and fixed) is allocated to each blanket on the basis of budgeted direct manufacturing labor-hours per blanket. The budgeted variable manufacturing overhead rate for March 2017 is $17per direct manufacturing labor-hour. The budgeted fixed manufacturing overhead for March 2017 is $14,625.00Both variable and fixed manufacturing overhead costs are allocated to each unit of finished goods. Data relating to finished goods inventory for March 2017 are as follows: BroncosRams Beginning inv in units1419 Beg inv in dollars (cost)$1,960$2,945 Target ending inv in units2429 Budgeted sales for March 2017 are 140units of the Broncos blankets and 195 units of the Rams blankets. The budgeted selling prices per unit in March 2017 are $305 for the Bronco blankets and $378for the Rams blankets. Assume the following in your answer: Work-in-process inventories are negligible and ignored. ? Direct materials inventory and finished goods inventory are costed using the FIFO method. ? Unit costs of direct materials purchased and finished goods are constant in March 2017. Required: 1Prepare the following budgets for March 2017: a.Revenues budget b.Production budget in units c.Direct material usage budget and direct materials purchases budget d.Direct manufacturing labor costs budget f.Manufacturing overhead costs budget g.Cost of goods sold budget