Leather and Lace Ltd, manufactures premium quality leather boot laces in a variety of colours and thicknesses. The following questions are inter-related regarding its coming year's budget: Required: 1. What is the total Sales Budget if the company is expected to increase sales next year by 1% over the current year sales of $400,000? (1 mark) 2. What will budget unit sales be if the company sells a pair of laces for $2.02 each? (1 mark) 3. Calculate the required production for the year if the company's beginning inventory is expected to be 10% of the budget unit sales for the coming year, while ending inventory is to be reduced to 5% of the budget unit sales for the coming year. (3 marks) 4. Calculate the budget amounts for direct materials, direct labour, and overhead based on the following assumptions: Raw materials cost $400.00 per tanned hide and each pair of laces uses 0.1% of each tanned hide. No ending material inventory is required o For each pair of laces produced, 10 minutes of direct labour is needed at a rate of $18 per hour Overhead is applied at rate of 50.15 per machine minute of production and it take 3 minutes of machine time to produce one pair of laces