QUESTION 1 Hip Hop Company is currently planning on its operation for the next several months and the estimations made are as follows: (a) Sales estimation for the next 5 months Month January February March April May June Unit 12,000 15,000 20,000 30,000 36,000 40,000 (b) Finished Goods Inventory as at 1January is estimated at 1,000 units and the ending inventory each month is 20% on sales volume for next month. (c) Each unit of product needs 2 units of direct material which can be bought at RM2.00 per unit. (d) Direct materials inventory as at 1 January is estimated at 2,500 units and the ending inventory for direct materials is 10% on the estimated usage of material for next month. Required: Prepare the following budget i) Monthly Production Budget for 5 months from January till May (10.5 marks) ii) Monthly Material Usage Budget for 5 months from January till May (3.5 marks) iii) Monthly Material Purchased Budget for 4 months from January till April (11 marks)