I. Lucy Company estimates that sales (units) will be 12,000 in quarter 1; 14,500 in quarter 2; 16,000 in quarter 3; and 19,000 in quarter 4. The selling price is expected to be $60 per unit. Prepare a sales budget for quarters 1-4 for the year ending December 2021. Est. Sales (units) X Est. Price Total Q1 Q2 Q3 Q4 Total II. Estimated sales are given in #1 above. Management requires an ending inventory (finished goods) equal to 8% of next quarter's expected unit sales. Prepare a production budget for the first 3 quarters of 2021 Exp. Unit Sales + Desired End. FG Total Units Available Beg. FG* Required Units to Produce Q1Q2 Q3 Q4 Total Equal to 8% of Quarter 1's expected unit sales (or previous quarter's ending FG balance) Units to be Produced x DM per unit (pounds) Total pounds needed for production +Desired ending inventory Total Materials Required (pounds) - Beg. Inv. DM Purchases (Pounds) x Unit Price Total Cost of DM Purchases Q1 Q2 III. Lucy Company had 3660 pounds of direct material in inventory on Jan. 1. Required units of production for the first 3 quarters are shown in #2 above. Three pounds of direct material are needed for each unit, and the estimated cost per pound is $5.50. Management requires an ending inventory (direct material) equal to 10% of next quarter's material production requirements. Prepare a direct materials budget for the first 2 quarters of 2021. I. Lucy Company's production units are: in quarter 1 and in quarter 2. It takes .75 hours to make 1 unit. The expected hourly wage is $20.50 per hour. Prepare a direct labor budget for quarters 1 and 2. nits to be Produced DL units (hours) Total Required DL Hours Q1 Q2 DL per Hour Total DL Costs