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Symphony Electronics produces wireless speakers for outdoor use on patios, decks, etc. Their most popular model is the All Weather and requires four separate XL12 components per unit. The company is now planning raw material needs for the second quarter. Sales of the All Weather are the highest in the second quarter of each year as customers prepare for the summer season. The company has the following inventory requirements: a. The finished goods inventory on hand at the end of each month must be equal to 16,400 units plus 10% of the next month's sales. The finished goods inventory on March 31 is budgeted to be 28,700 units. b. The raw materials inventory on hand at the end of each month must be equal to 20% of the following month's production needs for raw materials. The raw materials inventory on March 31 for XL 12 is budgeted to be 98,800 components. c. The company maintains no work in process inventories. A sales budget for the All Weather speaker is as follows: April May June July August Budgeted Sales in Units 120,000 160,000 207,000 116,000 59,100 Required: 1. Prepare a production budget for the All Weather for April, May, June and July. June 207,000 28,000 Budgeted sales (units) Add: Desired ending inventory Total needs Less: Beginning inventory Required production April 120,000 32,400 152,400 28,700 123,700 May 160.000 37,100 197,100 32,400 164,700 July 116,000 22,310 138,310 28,000 110,310 235,000 37,100 197,900 2. Prepare a direct materials purchases budget showing the quantity of XL 12 components to be purchased for April, May and June and for the quarter in total. Answer is not complete. June April 123,700 4 494,800 May 164,700 4 658,800 197,900 4 791,600 Second Quarter 486,300 4 1,945,200 Required production (units) XL 12 components needed per unit Production needs Add: Desired ending inventory Total XL 12 needs Less: Beginning inventory Material XL 12 purchases 658,800 791,600 1,945,200 494,800 98,800 396,000 658,800 791,600 1,945,200