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Budgeting Production and Purchases and just-In-Time Materials Inventory Hancock-Manulocburing inc. is proparing budgets for the thed quarter of 2016 , Funcock produces only one product in is factory. Thrs product requires 5 pounds of inaterial E. 2 peunds of On fuy 1.20t6, the inventory of material Gis expected to be 3,000 pounds and the irventory of cormponent K is expected to be i,500 unts. Huncock wants the inventories of C and K at 5 eptember 30, 2016, to be 200 less than the imentonies at Jay 1,2016. The inventory of finished products at june 30,2016 , is expected to be 2.000 unitsi the desired imentory at September 30.2016 , is 4.000 unai to allow a buddtip for heuvy sales in the fourth quarter. The sales forecant for the third quarter is 13000 unts at 5300 each budgeted parchase costs are 510 per pound for 8,57 per pocnd for Q and $40 per component for K. Donot iesenegatime yigns with any of your answers below. Do not use negative signs with any of your answers below. a. Prepare the production budget for Hancock Manufacturing, Inc., for the third quarter of 2016. b. Prepare the direct material budget for Hancock Manufacturing, Inc., for the third quarter of 2016