Multiperiod budgeted income statement and supporting budgets Newport Inc. gathered the following data for use in developing the budgets for the first quarter (June, July, August) of its fiscal year: a. Estimated sales at $36 per unit: b. Estimated finished goods inventories: c. Work in process inventories are estimated to be insignificant (zero). d. Estimated direct materials inventories: e. Manufacturing costs: 1. Prepare a sales budget for the first quarter. 2. Prepare a production budget for the first quarter. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Newport Inc. 8. Prepare a budgeted income statement with budgeted operating income for the first quarter. For those boxes in which you must enter subtracted or negative numbers use a minus sign