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Problem 1 The marketing department of Gaeber Industries has submitted the following sales forecast for the upcoming fiscal year: manner moi-arm 3mm 4010mm Budgeted unit sales 8,000 7,000 6,000 7,000 The company expects to start the first quarter with 1,600 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 20% of the next quarter's budgeted sales. The desired ending nished goods inventory for the fourth quarter is 1,700 units. In addition, the beginning raw materials inventory for the rst quarter is budgeted to be 3,120 pounds and the beginning accounts payable for the first quarter is budgeted to be $14,820. Each unit requires 2 pounds of raw material that costs $4.00 per pound. Management desires to end each quarter with an inventory of raw materials equal to 20% of the following quarter's production needs. The desired ending inventory for the fourth quarter is 3,140 pounds. Management plans to pay for 75% of raw material purchases in the quarter acquired and 25% in the following quarter. Reguired: 1. Prepare the company's production budget for the upcoming scal year. 2. Prepare the company's direct materials budget and schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year