Question 1 ABC Ltd is preparing its annual budgets for the year ending December 31, 2023. Accounting assistants furnish the following data. Product A Product B Sales Budget: Anticipated volume in units 410 000 250 000 Unit selling price $25 $35 Production budget: Desired ending finished goods units 20 000 25 000 Beginning finished goods units 30 000 15 000 Direct material budget: Direct material per unit (pounds) 2 3 Desired ending direct material pounds 50 000 10 000 40 000 20 000 Beginning direct materials pounds Cost per pound $2 S3 Direct labor budget: Direct labor time per unit 0.5 0.75 Direct labor rate per hour S12 $12 Budgeted income statement: Total unit cost S12 $22 Required: 1. Prepare the following budgets for the year. Show data for each product. I. Sales (5 marks) II. Production (5 marks) III. Direct materials (5 marks) IV. Direct labor