Pales and Production Budgets Archer Company produces two products: the custom and the basic. The custom sells for 330 , and the basic sells for 58 . Projected sales of the two models for the coming Pour quarters are given below. The president of the company beleves that the projected sales are realistic and can be achieved by the company. In the factory, the production supnrvisor has received the projected sales figures and gathered intormation needed to compile production budgets. He found that 800 customs and 1,140 basics were in inventory on danuary 1. Company policy dictates that ending inventory should equal 20 percent of the next quartar's sales for customs and 10 percent of next quarter's saies for bosics. Required! 1. Prepare a sales budget for each quarter and for the year in total. Show sales by product and in total for each time period. 2. Prepare a separate production budget for each product for each of the first three quarters of the year. Production budget for customs: Production budget for basics