Explain what the direct material budget and the selling and administrative expense budget is and how they are prepared. A template that shows the layout of the direct material budget and the selling and administrative expense budget should be included in your response (there is no need to include amounts in the template - you can use $XXX to indicate amounts). Please note that responses should be in your own words and any evidence of plagiarism discovered will lead to a grade of zero (0). Responses ought to be cohesive and unique. (9 marks)