Hiking Co ("the company") needs your help with preparing their operating budgets for the coming year. They have asked you to focus on their walking shorts product line for the first quarter of 2020. The projected sales for the first quarter of 2020 and the projected beginning and ending inventory balances are as follows: Unit sales are 10,000 for the quarter. Unit sales price is $25 per unit. Number of units in closing inventory on Dec 31, 2019 is 0 (ZERO) units. Desired number of units in closing inventory on Mar 31, 2020 is 5% of sales for the quarter. The products are cut and sewn by the company and then university and college crests are added. Each unit requires half an hour of direct labour time and direct labour costs $17 per hour. Each unit is made of 1.5 meters of high quality material which costs $20 per metre. The company's inventory policy is to have 250 meters of direct materials in inventory at the end of each quarter. The company's variable overhead rate is $10 per direct labour hour. The company's fixed overhead is budgeted at $1,250 per month. You will be preparing the company's Sales Budget and Production Budget based upon the above information. In addition, in the questions below, you will be given an assumed production level amount to use for preparing the Direct Labour, Direct Materials and Overhead Budgets. Question 37 (1 point) Prepare the sales budget for the first quarter of 2020. What is the total expected sales revenue for the quarter? Question 38 (4 points) Prepare the production budget for the first quarter of 2020. How many units does the company have in opening inventory for the quarter? A How many units will the company have in ending inventory for the quarter? How many units does the company need to produce for the quarter? Question 39 (2 points) Assume units to be produced are 15,000. Prepare the direct labour budget for the first quarter of 2020. How many total direct labour hours are needed for the quarter? What is the total expected direct labour cost for the quarter? A Question 40 (4 points) Assume units to be produced are 15,000. Prepare the direct materials budget for the first quarter of 2020. What are the direct materials production needs for the quarter? A What are the direct materials total needs for the quarter? How much direct materials need to be purchased? A What is the total expected purchase cost of direct materials for the quarte Question 41 (3 points) Assume units to be produced are 15,000. Prepare the overhead budget for the first quarter of 2020. What is the budgeted variable overhead cost for the quarter? What is the budgeted fixed overhead cost for the quarter? What is the total budgeted overhead cost for the quarter? Question 42 (1 point) Assume units to be produced are 15,000. What are the total budgeted prime costs for the qfiarter