Question 1 Argos Lid is preparing its annual budgets for the year ending December 31, 2023. Accounting assistants furnish the following data: Product A Product B Anticipated volume in units 500 000 300 000 Unit selling price $30 $40 Desired ending finished goods units 40 000 30 000 Beginning finished goods units 20 000 20 000 Direct material per unit (pounds) 3 5 Desired ending direct material pounds 60 000 30 000 Beginning direct materials pounds 50 000 20 000 Cost per pound $4 $5 Direct labor time per unit 1.5 2.5 Direct labor rate per hour $15 $15 Required: 1.Prepare the following budgets for the year. Show data for each product. I. Sales (3 marks) II. Production (7 marks) III. Direct materials (7 marks) IV. Direct labor