3. The Sabat Corporation manufactures and sells two products: Thingone and Thingtwo. In July of 2013, Sabat's budget department gathered the following data to prepare budgets for 2014 2014 Projected Sales Products Thingone Thingtwo Units Price 62,000 S172 46,000 $264 2014 Inventories in Units Product Thingone Thingtwo Expected Target January 1, 2014 December 31, 2014 21,000 13,000 26,000 14,000 The following direct materials are used in the two products Amount Used per Unit Direct Material Unit Thingone Thingtwo Pound 5 Pound 3 Each 0 Projected data for 2014 for direct materials are: Direct Material Anticipated Purchase Expected Inventories Target Inventories Price $11 January 1, 2014 37,000 lb, 32,000 lb. 10,000 units December 31, 2014 40,000 lb. 35,000 lb. 12.000 units Projected direct manufacturing labor requirements and rates for 2014 are Product Hours per Unit Rate per Hour Thingone Thingtwo S11 Manufacturing overhead is allocated at the rate of $19 per direct manufacturing labor-hour. Based on the preceding projections and budget requirements for Thingone and Thingtwo, prepare the following budgets for 2014 a. Revenues budget (in dollars) b. Production budget (in units) c. Direct materials purchases budget (in quantities) d. Direct materials purchases budget (in dollars)