6. Newton manufactures three products; the expected sales of each product are shown below. Opening inventory is expected to be: Management have stated their desire to reduce inventory levels and closing inventories are budgeted as: Three types of material are used in varying amounts in the manufacture of the three products. Material requirements per unit are shown below: Management are keen to reduce inventory levels for materials as well and closing inventories are to be much lower. Expected levels are shown below: Material prices are expected to be 10% higher this year and current prices are 1.10/kg for material M1, 3.00/kg for material M2 and 2.50/kg for material M3 Two types of labour are used in producing the three products. Standard hours per unit are shown below: Skilled labour is to be paid at the rate of 6.hour and semi-skilled labour at the rate of 4/ hour. Required: prepare budgets for a. Production (in quantity) b. Material usage (in quantity) c. Material purchases (in quantity and value) d. Labour (in hours and value)