3. The Goodies Limited manufactures chairs, Budgeted sales for the last five months of the year are as follows: August September October November December Budgeted Sales (Units) 400 480 360 320 480 Each chair requires 10 square feet of lumber, at a cost of $40 per square foot. The company wants to maintain an inventory of chairs equal to 15 percent of the following month's sales. At the beginning of the year, 30 chairs are on hand. Assume the company maintains an inventory of lumber equal to 5 percent of the next month's needs. At the beginning of the year, 480 square feet of lumber are on hand. Inventory of lumber at October 31 is estimated to be 90 square feet. Required: a) Prepare a production budget, in units for the months August, September October and November b) Prepare a purchases budget, in dollars, for months each of the months August, September and October