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 on a just-in-time basis for material B. As a result, Hancock maintains no inventory of material B. On July 1, 2016, the inventory of material G is expected to be 4,000 pounds and the inventory of component K is expected to be 2,500 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 3,000 units; the desired inventory at September 30, 2016, is 5,000 units to allow a buildup for heavy sales in the fourth quarter. The sales forecast for the third quarter is 14,000 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