2021 1. Cerer Company has budgeted the following unit sales: 2020 Quarter Units Quarter 70,000 40,000 50,000 80,000 Units 60,000 The finished goods inventory on hand on December 31, 2019 was 14,000 units. It is the company's policy to maintain a finished goods inventory at the end of each quarter equal to 20% of the next quarter's anticipated sales. Instructions Prepare a production budget for 2020. (13 pts.) 2. Payton Company is preparing its direct labor budget for 2020 from the following production budget based on a calendar year: Quarter Units 40,000 20,000 30,000 50,000 Each unit requires 1.5 hours of direct labor. The union contract provides for a 10% increase in wage rate from $10 per hour to $11 per hour on October 1. Instructions Prepare a direct labor budget for 2020. (13 pts.)