3.2. Turbo Oil Co. which is the subsidiary of Crown Oil operates a refinery and produce two products, Refined Oil and Petrochemicals, and is preparing its budget for 20X1. The company currently holds 800 Million litres of Refined Oil and 1,200 MT of Petrochemicals in inventory, but 250MT of Petrochemicals have just been discovered to have deteriorated in quality and must therefore be scrapped. Budgeted sales of Refined Oil are 3,000 Million Litres and of Petrochemicals are 4,000 MT, provided that the company maintains finished goods inventories at a level equal to three months' sales. Required: Prepare the production budget for 20X1.