product A sales budget for the first five months of 2021 is given on a certain tline manufactured by Boots Styles, Inc. January February March April May Sales budget in units 157,000 162,000 204,000 223,000 245,000 The inventory of finished products at the end of each month is equal to 20% of the sales estimate for the next month. This requirement is expected to be met by Jan. 1. No work is in process at the end of each month. Each unit of product requires two types of raw materials as follows: Material A unit Material B 6 units The estimated cost of Material A is P5.00 per unit, and the estimated cost of Material B is P0.60 per unit. Materials equal to 30% of next month's production needs are to be on hand at the end of each month. This requirement is expected to be met on Jan. 1. REQUIRED: 1. Prepare a production budget for the first quarter of 2021 broken down by months. Include a total column. 2. Prepare a purchases budget for each type of raw materials also for the first quarter of 2021 broken down into months. Include a total colum. Production budget Boots Style, Inc. Purchases Budget- Material A For the First Quarter of 2021 x No. of units required Production requirements Add: Ending inventory (30%) Total requirements Less: Beginning inventory Purchases budget (units) x Budgeted unit cost Purchases budget (pesos) Jan. Feb. March Total 1/2 1/2 1/2 Boots Style, Inc. Purchases Budget- Material B For the First Quarter of 2021 Jan. Feb. March Total Boots Style, Inc. Production Budget Production budget For the First Quarter of 2021 x No. of units required 6 6 6 Production requirements Extra Jan. Feb. March Total April Add: Ending inventory (30%) Sales budget Total requirements Add: Ending inventory (20%) Less: Beginning inventory Total requirements Less: Beginning inventory Production budget Purchases budget (units) x Budgeted unit cost Purchases budget (pesos)