Daisy Products Limited of Shenzhen, China, manufactures and distributes toys throughout Southeast Asia. Three cubic centimetres (cc) of solvent 080 are required to manufacture each unit of Fineclay, one of the company's products. The company is now planning raw materials needs for the third quarter, the quarter in which peak sales of Fineclay occur. To keep production and sales moving smoothly, the company has the following inventory requirements: a. The finished goods inventory on hand at the end of each month must be equal to 4,050 units of Fineclay plus 20% of the next month's sales. The nished goods inventory on June 30 is budgeted to be 13,500 units. b. The raw materials inventory on hand at the end of each month must be equal to one-half of the following month's production needs for raw materials. The raw materials inventory on June 30 is budgeted to be 72,900 cc of solvent 080. c. The company maintains no work-in-process inventories. A sales budget for Fineclay for the last six months of the year follows: Budgeted Sales in Units July 47,250 August 54 , 000 September 67,500 October 40,500 November 27,000 December 13,500 Req uired: Required: 1. Prepare a production budget for Fineclay for the months of July to October. DAISY PRODUCTS LIMITED Production Budget July T October Total needs 2. This part of the question is not part of your Connect assignment. 3. Prepare a budget showing the quantity of solvent Q80 to be purchased for July, August, and September, and for the quarter in total. DAISY PRODUCTS LIMITED Raw Materials Purchases Budget July August September Third Quarter Total solvent Q80 needs