Exercise 172 Garver Industries has budgeted the following unit sales: 20 Units anuary10,000 February 8,000 March 9,000 Apri11,000 15,000 The finished goods units on hand on December 31, 2019, was 2,000 units. Each unit requires 3 pounds of raw materials that are estimated to cost an average of $4 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 20% of next month's anticipated sales. They also have a policy of maintaining a raw materials inventory at the end of each month equal to 30% of the pounds needed for the following month's production. There were 8,640 pounds of raw materials on hand at December 31, 2019 For the first quarter of 2020, prepare a production budget. GARVER INDUSTRIES Production Budget For the Quarter Ended March 31, 2020 January February March Total For the first quarter of 2020, prepare a direct materials budget. GARVER INDUSTRIES Direct Materials Budget For the Quarter Ended March 31, 2020 January February March Total Click if you would like to Show Work for this question: Open Show Work