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 fiscal 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 find the budgets, reports, questions, and statements required by the CFO Step 1 E-Lan 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 February March April May 200,000 268,000 240,000 210,000 230,000 $38 Unit Sales are to expected increase 15% and each unit is expected to sell for The management prefers to maintain ending finished goods inventory equal to 10% of next month's sales. 1. Prepare a sales budget for E-Lan Electronics 2. Prepare a production budget for E-Lan Electronics