3 1. Young Products produces coat racks. The projected sales for the first quarter of the coming year and the beginning and ending inventory data are as follows: Sales 100,000 units Unit price $18 Beginning inventory 6,000 units Targeted ending inventory 12,000 units The coat racks are moulded and then painted. Each rack requires four kilograms of metal, which cost $2.50 per kg. The beginning inventory of materials is 4,000 kg. Young Products wants to have 6,000 kg of metal in inventory at the end of the quarter. Each rack produced requires 30 minutes of direct labor time, which is billed at $9 per hour. (3 marks) 3.1 a) Prepare a sales budget for the first quarter. (4 marks) 3.2 Prepare a production budget for the first quarter (4 marks) 3.3 Prepare a direct material purchases budget for the first quarter. (4 marks) 3.4 Prepare a direct labor budget for the first quarter