Production; purchases; direct labor & OH budgets Atkinsons Reliable Tools makes two products that use similar raw materials: #587Q and #253X. Estimated production needs for a unit of each product follow. #587Q #253X Steel (in pounds) 3 5 Wood (in board feet) 0.5 0.2 Direct labor (in hours) 2 3 Machine hours 0.5 0.7 Estimated sales in units by product for the year are 80,000 of #587Q and 30,000 of #253X. Additionally, estimated beginning and desired ending inventory quantities are as follows. Beginning Ending #587Q (units) 800 640 #253X (units) 1,200 900 Steel (in pounds) 2,000 1,400 Wood (in board feet) 800 600 Overhead is applied to production at the rate of $15 per machine hour and the direct labor wage rate is $10.50 per hour. Prepare (a) the production schedule by product, (b) the purchases budget in units by raw material, (c ) direct labor in hours by product, in total, and in dollars, and (d) overhead budget by product and in total. Note: Use a negative sign in your schedule to indicate that an amount is subtracted .