Prepare the sales, production, and direct material budgets by quarters for 2020. American Company is preparing its master budget for 2020. Relevant data pertaining to its sales, production, direct materials budgets are as follows: Sales: Sales for the year are expected to total 1,200,000 units Quarterly sales are 20%, 25%, 30%, and 25% respectively. The sales price is expected to be $ 50 per units for the first three quarters and $55 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 require 3 pounds of raw materials at a cost $ 5 per pound. Management desires to maintain raw materials inventories at 5% of the next quarter's production requirements. Assume the production requirements for the first quarter of 2021 are 820,000 pounds