i) Joven Products produces coat racks. The projected sales for the first quarter of the coming year and the beginning and ending inventory data are as follows: Unit sales 100,000 Unit price $15 Units in beginning inventory 8,000 Units in targeted ending inventory 150% of the beginning inventory The coat racks are molded and then painted. Each rack requires four kilograms of metal, which costs $2.50 per kilogram. The beginning inventory of materials is 4,000 kilograms. Joven Products wants to have 6,000 kilograms of metal in inventory at the end of the quarter. Required: (a) Prepare a production budget for the first quarter (2.5 marks) b) Prepare a direct materials purchases budget for the first quarter (2.5 marks) ii) The only variable overhead cost at Cradle Mountain Lodge is electricity. Does an unfavourable variable overhead spending variance imply that the hotel paid more than the anticipated rate per kilowatt hour? ( 3 marks)