Q2 The following information relating to third and last quarter of 2018-19 is furnished by a company which manufactures and sells a single product: Third Quarter (Actual) Last Quarter (Estimate) Sales 6,24,000 6,60,000 Inventory of raw material Closing Balance Target Closing Balance and finished goods 23,500 25,000 Raw Material A (kgs) Raw Material B (kgs) Finished Goods (units) 13,400 15,000 700 1,000 Unit Cost data: Raw Material A- - 10 kgs@6 Raw Material B- - 5 kgs @4 Direct Labour: Machine Shop-> Machine time: 5 hours @ 8 Assembly-> Labour time: 2 hours @ 10 Production Overheads: Machine Shop-> 24 per machine hour Assembly-> 20 per labour hour Selling and Administration overheads-20% of production cost Profit Margin- 10% of selling price Production and sales occur evenly during the budget period. Required: (1) to calculate the selling price of the product and the number of units estimated to be sold ) to prepare for the last quarter of the year: (a) Production Budget in units (b) Material Purchase Budget (Quantity and Value) (c) Production Cost Budget