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Supplemental Problem 1 - Prepare various budgets Galaxy Lighting Company manufactures and sells lighting fixtures. Estimated sales for the next three months are Budgeted sales: September 400,000 October 350,000 November 500,000 December 400,000 Jarsary 600,000 Production budget information: The company maintains and end-of-month inventory of 1,000 units plus 10% of next month's unit expected sales. Each unit sells for $50. The company expects to sell 12.000 units in January of the following year. Materials purchases budget information: Five units of material are required for each unit of finished goods produced. Galaxy wants to have materials on hand at the end of cach month equal to 15 percent of the following month's production needs. The materials inventory on September 30 is 8,000 units of material. January production is budgeted for 15,000 units. Cash payments for materials purchases information: The purchase cost per unit of material is 52. Generally, 30% of materials purchases are due and payable in the month of purchase with the remainder due the following month. September purchases paid for in October are expected to equal $48.225 Required: a. Prepare a production budget for the fourth quarter of the year. b. Prepare a materials purchases budget for the fourth quarter of the year. c. Prepare a cash payments for materials purchases budget for the fourth quarter of the year. What is Galaxy Lighting's accounts payable balance at December 31? ***Templates have been provided on the next page*** Problem 3 Answer Sheet Production Budget October November December Budgeted product sales in units + Desired product units in ending inventory - Total product units needed - Product units in beginning inventory = Product units to produce November December Material Purchases Budget October Product units to produce x Units of material needed per unit produced - Material needed for units to produce + Desired units of material in ending inventory - Total units of material needed - Units of material in beginning inventory - Units of material to purchase Cash Payments for Material Purchases October November December Material purchases (units) x Material cost per unit - Total cost of purchase September accounts payable October purchases November purchases December purchases Total payments in month What is Galaxy's accounts payable balance at December 31