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Question 1 (18 marks) Lady Gaga Inc. is a company that manufactures and sells flashy women's apparel. Recently, the company's budget committee completed preliminary work on its master budget. Based on management's sales forecast, required production for the next three months is budged to be as follows: May June July August 2100 2500 2975 3500 Every unit sold is produced using 50 centimeters (0.5 meters) of fabric, which is purchased in one meter- length rolls at an average price of $50 per meter. Management wants to maintain an ending inventory of fabric equal to 80% of next month's expected production requirements (of fabric). These standards remain unchanged from the previous year. Required: Prepare a direct materials budget for the three months ending July 31, excluding quarterly totals. Question 2 (12 marks) Sherry's Shoes, Inc. has estimated the following sales in units for each of the next three quarters: 8,900 Quarter 1, 2020 7,200 Quarter 2, 2020 Quarter 3, 2020 4,800 Management at Sherry's Shoes, Inc. wished to maintain an inventory of finished goods at the end of each quarter equal to 25% of the next quarter's expected sales. The finished goods on hand at the beginning of the budget period conformed to management's standard. Required: Prepare a production budget for the first two quarters of 2020, with total column