Question 3: Operational Budgeting CAM Industries has prepared the following forecast of sales of its bestselling product, Ridgets: _ Anticipated Sales (Units) 105,000 112,000 113,000 Opening Stock of Ridgets on 1"l July was 14,400 units. Closing stock of Ridgets at the end of each month is equal to 15 per cent of next month's expected sales. The production specications for the manufacture of a widget are as follows: Materials Cotton 2.5 metres @ $2.75 per metre Plastic 1.2 metre @ $2.65 per metre The physical quantity of Raw Materials inventories on hand as at lst July are: Cotton 51,600 Plastic 17,400 the company wants to maintain closing inventories of raw materials equal to 10 per cent of the following month's production requirements. Manufacturing costs for Labour and overhead are as follows: Labour 1.5 hours at $18.60 per hour Overhead is applied at $12.50 per Direct Labour Hour The selling price of a Ridget is $88.50. Required From the above details, provide answers to the following questions in CANVAS: How many Ridgets are to be produced in August? What is the closing Inventory of Ridgets in August? What is the quantity of COTTON to be purchased in July? What is the total cost of Purchases for both Cotton 8!. Plastic in August? What is the total cost of Labour for July + August? What is the total cost of Overhead for July + August? What is the Unit cost to manufacture 1 Ridget? What is the total Gross Prot for July + August