Exercise 23-6 (Part Level Submission) On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2017 Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 5,200; second quarter 6,700; third quarter 7,000 40% of the next quarter's production requirements 25% of the next quarter's expected sales units 7,380 units The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to production and sales that occur in 2017. 3 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $5 per pound (a) Your answer is correct. Prepare a production budget by quarters for the 6-month period ended June 30, 2017 HARDIN COMPANY Production Budget For the Six Months Ending June 30, 2017 Quarter 2 Six Months Expected Unit Sales Add IT Desired Ending Finished Goods Unit Total Required Units Less T Beginning Finished Goods Unit Required Production Units 5200 6700 1675 1750 6875 8450 1300 1675 5575 6775 12350