2 Arbok Company produces coat racks. The projected sales for the first quarter of the coming year and the beginning and ending inventory data are as follows: Unit sales Unit price 50,000.00 racks 15.00 pesos Units in beginning inventory 8,000.00 racks Units in targeted ending inventory 12,000.00 racks Required metal per rack Cost per meal per pound 4.00 pounds 2.50 pesos Beginning inventory of metal Expected ending inventory of metal Direct labor required per rack Billing of direct labor 4,000.00 pounds 6,000.00 pounds Required: 1 Prepare a sales budget for the first quarter 2 Prepare a production budget for the first quarter 3 Prepare a direct materials purchases budget for the first quarter 4 Prepare a direct labor budget for the first quarter. 30.00 minutes 9.00 per hour