3. Prior Corp. produces chairs. It requires 5 feet of wood per chair. Sales are estimated to be: 2020 Units Jan. 10,000 units Feb. 12,000 March 14,000 April 8,000 Chairs on hand at December 31, 2019 were 900 chairs. The corporation wants to maintain an inventory of 10% of the following months' sales in its ending inventory. Prior Corp. had an inventory of wood at December 31, 2019 of 5,000 feet, and it desires to maintain ending inventories of 5% of the following months production needs. Required: Prepare a materials budget for January and February