PROBLEM 1: Empire Chemical Company produces two products using three continuous processes. The products are Yarex and Darol. Projected sales in gallons for the two products for the year 20x2 and 20x3 are as follows: 20X2 20x3 Yarex 60,000 65,000 Darol40,000 35,000 Additional information: ' Inventories are planned for each product so that the projected finished goods inventory at the beginning of each year is equal to 8 percent of that year's projected sales. - The raw material requirements of the two products are shown in the following chart. Raw material Units Unit Price Yarex Dam] Gamma Pounds $8.00 0.2 0.4 Murad Pounds 6.00 0.4 0.0 Islin Gallons 5.00 1.0 0.7 Muired: Using a given answer sheet to prepare the following budgets for the year 20X2 1. Prepare a Production Budget. 2. Prepare a Material Required Budget