2:15:29 bok Problem 9-37 Completion of Budget Schedules (LO 9-3, 9-5, 9-6) Scholastic Furniture, Inc., manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company's Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the division's sales manager. April May June 19,000 desk-and-chair sets 21,000 desk-and-chair seta 24,000 desk-and-chair sets Each desk-and-chair set requires 11 board feet of pine planks and 1.2 hours of direct labor. Each set sells for $55. Pine planks cost $.50 per board foot, and the division ends each month with enough wood to cover 10 percent of the next month's production requirements. The division incurs a cost of $23 per hour for direct-labor wages and fringe benefits. The division ends each month with enough finished-goods inventory to cover 20 percent of the next month's sales. Required: Complete the following budget schedules. 1. Sales budget. 2. Production budget (in sets). 3. Raw-material purchases. 4. Direct-labor budget.