Question 3 (15 marks) Your company manufactures tables and chairs In your role as a manager you are responsible for the budget preparation for the quarter ending 30 March 2018 The quarter consists of 13 weeks The other managers are inexpenenced, and you decided to do the budget on your own You have accumulated the following data for the quarter Finished product Tables Chairs Forecasted sales (units) 5.525 11,050 Selling Price per unt R242 50 R152 00 450 Inventory opening balance (units) 700 Closing Inventory Tables closing inventory must equal 1 week's sales units Chairs closing inventory must equal 2 week's sales units Raw Materials: Wood Metal Tables (meters per unit) 8m 1m Chairs (meters per unit) 3m 0 50m R135 00 Cost per meter R150 00 Opening inventory (meters) 2,000m 750m Closing inventory Wood closing stock must equal 1 week's production requirement Metal closing stock must equal 1 week's production requirement Required Prepare the following budgets Production budget (Units) (4) 1 (4) 2 Direct material usage budget (Meters) Direct matenal purchase budget (Rands) (7) 3