Question 2: Meera Company is preparing its master budget for 2021. Relevant data pertaining to its production, direct materials and direct labor budgets are as follows. Sales for the year are expected to total 800,000 units. Quarterly sales are 25% for quarter 1, 20% for quarter 2, 30% in quarter 3 , and 25% for quarter 4. The sales price is expected to be OMR 5 per unit for the first three quarters and OMR 5.5 per unit beginning in the fourth quarter. Management desires to maintain the ending finished goods inventories at 20% of the next quarters budgeted sales volume. Ending inventory of finished goods at December 31,2021, will be 60,000 units. Each unit requires 4 kilograms of raw materials at a cost of OMR 2.5 per kilogram. Management desires to maintain raw materials inventories at 10% of the next quarter's production requirements. Assume that the ending inventory of raw material on December 31,2021 (Q4) is 84,480 kilograms. Production of a single product requires 5 hours of time by employees. The employees are paid OMR 13.200 per hour. Requirements: 1. Prepare a sales budget by quarters for 2021. (Rubric: 0.5 mark for each correct raw input in the budget including the calculations and workings. Total 2.5 marks) 2. Prepare a production budget by quarters for 2021. (Rubric: 0.5 mark for each correct raw input in the budget including the calculations and workings. Total 2.5 marks) 3. Prepare a direct materials budget by quarters for 2021. (Rubric: 0.5 mark for each correct raw input in the budget including the calculations and workings. Total 5 marks)