Budgeting Production and Purchases and Just-In-Time Materials Inventory Hancock Manufacturing, Inc, is preparing budgets for the third quarter of 2016. Hancock produces only one product in its factory. This product requires 5 pounds of material B, 2 pounds of material G, and a component, K, that is purchased from another manufacturer. Hancock operates an a just-in-time basis for material B. As a result, Hancock maintains no inventary of material B. On July 1, 2016, the inventory of material G is expected to be 3,000 pounds and the inventory of component K is expected to be 1,500 units. Hancock wants the inventories of G and K at September 30,2016 , to be 20\%; less than the inventories at July 1, 2016. The inventory of finished products at June 30,2016 , is expected to be 2,000 units; the desired inventory at September 30 , 2016, is 4,000 units to allow a buildup for heavy sales in the fourth quarter. The sales forecast for the third quarter is 13,000 units at $300 each. Budgeted purchase costs are $10 per pound for B, $7 per pound for G, and $40 per component for K. Do not use negative signs with any of your answers below. a. Prepare the production budget for Hancock Manufacturing, Inc, for the third quarter of 2016 . b. Prepare the direct material budget for Hancock Manufacturing, Inc., for the third quarter of 2016. Budgeting Production and Purchases and Just-In-Time Materials Inventory Hancock Manufacturing, Inc, is preparing budgets for the third quarter of 2016. Hancock produces only one product in its factory. This product requires 5 pounds of material B, 2 pounds of material G, and a component, K, that is purchased from another manufacturer. Hancock operates an a just-in-time basis for material B. As a result, Hancock maintains no inventary of material B. On July 1, 2016, the inventory of material G is expected to be 3,000 pounds and the inventory of component K is expected to be 1,500 units. Hancock wants the inventories of G and K at September 30,2016 , to be 20\%; less than the inventories at July 1, 2016. The inventory of finished products at June 30,2016 , is expected to be 2,000 units; the desired inventory at September 30 , 2016, is 4,000 units to allow a buildup for heavy sales in the fourth quarter. The sales forecast for the third quarter is 13,000 units at $300 each. Budgeted purchase costs are $10 per pound for B, $7 per pound for G, and $40 per component for K. Do not use negative signs with any of your answers below. a. Prepare the production budget for Hancock Manufacturing, Inc, for the third quarter of 2016 . b. Prepare the direct material budget for Hancock Manufacturing, Inc., for the third quarter of 2016