20 2- Inch artisan studio is currently reviewing their production data for a new product called (MERAKI) for 2021 Ramadan season. The management of Inch artisan studio needs your help to prepare a budgeted figure for this new product. The owner of Inch artisan studio has provided the following data: Budgeted sales for the next five months are as follows: Feb Mar Apr May Jun Jul 5 10 10 5 6 1- Unit selling price SR 520 Inch needs the finished closing stock equals to 5 + 15% of the following month's budgeted sales in units. 3- A sheet of acrylic can make 10 MERAKI, each sheet of acrylic costs SR 250. Inch would like the raw materials closing stock equals to 1 sheet, and at the end of Feb Inch has 2 sheets of acrylic. 4- 2 labor hours are required for each unit produced, each hour costs SR 60 and will be paid as incurred. 5- Unit variable manufacturing overhead is SR 10 per unit, and fixed manufacturing overhead cost is SR 300 per month will be paid as incurred. 70% of sales are for cash. 30% are on credit and customers pay half of their debt in the month following sale and the balance one month after that. 7- The sheet of acrylic is paid for one month after purchase. 8- The closing balances at the end of March is SR 20,000. 9- Inch pays a cash dividend of SR 4,000 in May. 6- Requirement: Using the data given above, prepare the following budgets along with other supportive schedules for the quarter (April-May-June) 1- The direct materials budget ( using information in number 3) 2- Cash budget pleas solve the The direct materials budget in this format The direct materials budget May April June Quarter Production Materials per unit Production needs Add: desired ending stock Total needed Less: beginning inventory Materials to be purchased cost per of Direct Material total cost of Direct material