Also provide meaning of production budget.

9.37 **t L04 Coconut Plantations Pty Limited produces and sells two types of coconut based products: soaps and candles. The 2019 sales budget for the two products is as follows. Quarter Soaps Candles 7000 9000 6000 10 000 8000 12000 11000 3000 The beginning inventory on 1 January 2019 is expected to be 4200 units of Soaps and 1200 units of Candles. Management desires an ending inventory each quarter equal to 60 per cent of the next quarter's sales. Sales in the first quarter of 2020 are expected to be 30 per cent higher than sales in the same quarter in 2019. Required Prepare separate quarterly production budgets for each product for 2019