E-Lan Electronics Budgeting Project As the head accountant for E-Lan Electronics, you are responsible to prepare the company's master budget for the next scal period. The administrative and divisional managers have prepared the appropriate information {found below} for you to prepare the budget. In addition to the compiled information, you will also nd the budgets, reports, questions, and statements required by the CFO. Step 1 ELan Electronics produces Widgets for sale at local electronic stores. The company is in the process of creating a master budget for the first quarter of the coming year. Results from the prior year are: Last Year Units January 220,000 February 268,000 March 240,000 April 210,000 May 230,000 Unit Sales are to expected increase 15% and each unit is expected to sell for $39. The management prefers to maintain ending nished goods inventory equal to 10% of next month's sales. 1. Prepare a sales budget for ELan Electronics 2. Prepare a production budget for ELan Electronics