1. The Lucy V. Company, has budgeted sales in units for the next five months as follows: June 8,200 units July 6,300 units August 4,700 units September 3,600 units October 4000 units Past experience has shown that the ending inventory in units for each month should be equal to 20% of the next month's sales in units. The company needs to prepare a production budget. Each unit of product requires three pounds of specialized material. Since the production of this specialized material is sometimes irregular, the company has a policy of maintaining an ending inventory of raw material at the end of each month equal to 30% of the next month's production needs. The company must also plan for the needed resources to purchase the inventory. Each pound of material costs an average of $1.50. Required: Prepare a budget showing all the required production in units, pounds, and cash for the month of September. BOX OFF THE THREE FINAL ANSWERS Show your work Total 40 points