1. The company's inventory policy is to keep sufficient ending inventory on hand to cover 40% of next month's sales. Selling price per unit is $10. Complete the following production budget for September, October, November and December. 2. Four pounds of materials are required for each unit produced. Ending inventory levels for raw materials are 25% of next month's production needs. Cost of one pound of material is $1.50. Based on this information and your production schedule from above, complete the following material purchase budget for September and October. The sales forecasts from the previous page has been reproduced below: [ 20% sales are cash sales. Approximately 10% of credit sales are never collected. The collectible portion of credit sales are collected as follows: 70% in the month of the sale 30% in the month following the sale Dixon pays for 60% of direct material purchases during the month of purchase and the remainder the following month (use purchases budget from previous page). All other cash payments are paid during the month incurred, as follows: The company will borrow any funds necessary to maintain a minimum cash balance of $10,000. If the firm develops cash shortage by the end of the month, sufficient cash is borrowed to cover the shortage. 3. In the space provided below, complete Dixon's cash budget for the month of October and indicate how much (if any) financing is required