Illustration 3 The following information has been made available from the records of Precision Tools Ltd for the six months of 2012 (and the sales of January 2013), in respect of product X: (i) The units to be sold in different months are: Jul-12 1,100 Nov-12 2,500 Aug-12 1,100 Dec-12 2,300 Sep-12 1,700 Jan-13 2,000 Oct-12 1,900 (ii) There will be no work-in-progress at the end of any month. (ii) Finished units equal to half the sales of the next month will be in stock at the end of every month (including June 2012). (iv)Budgeted production and production cost for the year ending 31 December 2012 are thus: Direct materials per unit $10 Direct wages per unit Total factory overheads apportioned to production $88,000 You are required to prepare: (a)Production Budget for the six months of 2012; and (b)Summarized Production Cost Budget for the same period