PA14. LO 7.4 Total Pop's data show the following information: Estimated sales (units) Sales price per unit Direct labor per unit Labor rate per hour Jan 15,000 $ 45 $ 3 $ 18 Feb Mar Apr. May 14,500 16,000 15,500 15,800 $ 45 $ 45 $ 45 $ 45 $ 3 $ 2.25 $ 2 $ 2 S 18 S 21 S 21 $ 21 New machinery will be added in April. This machine will reduce the labor required per unit and increase the labor rate for those employees qualified to operate the machinery. Finished goods inventory is required to be 20% of the next month's requirements. Direct material requires 2 pounds per unit at a cost of $3 per pound. The ending inventory required for direct materials is 15% of the next month's needs. In January, the beginning inventory is 3,000 units of finished goods and 4,470 pounds of material. Prepare a production budget, direct materials budget, and direct labor budget for the first quarter of the year