Case Study Budgeting XY Ltd plans to sell the following: Product A (units) 1200 1800 2800 3200 3200 Months June July August September October Stock of finished goods at 1 June was 240 units and the company's stockholding policy for the finished goods stock at the end ofeach month to represent 20% of the following month's sales requirement. Each unit of product A uses two units of a component X1. On 1 June there were expected to be 264 units of X1 in stock. The desired closing stock of XI is 10% of the next month's production. Each unit of component XI costs $5. Each unit of product A requires $6 of labor. Fixed administration overheads in each month are budgeted to be $5000 (and include a charge of S1000 depreciation). Product A can be sold for $26 each. Labor and fixed overheads are paid in the same month. Trade receivables (trade debtors) take two months to pay and the company pays its trade payables (trade creditors) after one month The opening cash balance is $10000. Required 1. The production budget in units for June July and August 2. The production cost budget for June July and August 3. The raw material purchase budget (in units and S) for June, July and august