Aru-Neb Pt. Ltd. is a business venture that produces and sells high standard beauty products. The accountant has gathered data to prepare budget for the first quarter of 2023. Sales are expected to be 40,000 products for the quarter. The average sales price per product is $150. The opening and closing finished goods inventories are expected to be 2,000 and 4,000 units respectively. Each product requires 8 ml of input at a budgeted price of $8 per ml. The opening raw materials inventory is estimated as 1,500 ml of ingredients. Aru-Neb Pt. Ltd. wants to keep ending raw materials inventory of 2,500 ml to meet any fluctuations in demand. Each product takes 2 hours of labour at a standard pay rate of $20 per hour.

Required: (please show all steps of your computation in proper format)

1.makea sales budget for the first quarter of 2023.

2.make a production budget for the first quarter of 2023.

3.make a direct material purchases budget for the first quarter of 2023.

4.make a direct labour budget for the first quarter of 2023.

5.Mr Milan recently acquiring a medium sized manufacturing firm. You have been hired to work as a management accountant to prepare reports needed for planning, control, and decision-making. The owner advised you not to implement a standard costing system as he does not see any purpose in doing that. What is your reaction to his advice? If you don't agree with his idea, how do you convince him to accept the importance of standard costing?