Pharoah Company is preparing its master budget for 2020 . Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total 1,700,000 units. Quarterly sales are 19%,27%,23%, and 31%, respectively. The sales price is expected to be $42 per unit for the first three quarters and $44 per unit beginning in the fourth quarter. Sales in the first quarter of 2021 are expected to be 10% higher than the budgeted sales for the first quarter of 2020 . Production. Management desires to maintain the ending finished goods inventories at 25% of the next quarter's budgeted sales volume. Direct materials. Each unit requires 2 pounds of raw materials at a cost of $10 per pound. Management desires to maintain raw materials inventories at 10% of the next quarter's production requirements. Assume the production requirements for first quarter of 2021 are 502,000 pounds. Prepare the sales, production, and direct materials budgets by quarters for 2020 . =