2. (29.5 points) Smith Corporation has the following budgeted sales to selected five-month period: Month July Unit Sales 24,000 August 31,000 September 35,000 October 26,000 November 25,000 There were 4,500 units of finished goods in inventory at the beginning of July. Plans are to have an ending inventory of finished product equal to 25 percent of the unit sales for the next month. Three pounds of materials are required for each unit produced. Each pound of material costs $22. Ending inventory levels for materials equal 35 percent of the material needs for the next month. Materials inventory on July 1 was 21,000 pounds. Required: a. Prepare production budgets in units for July, August, September and the quarter. b. Prepare a materials purchases budget in pounds and dollars for July, August, September and the quarter