Question 4: Discount Furniture Pty Ltd manufactures a variety of desks, chairs, tables and shelf units which are sold to public school systems throughout Queensland. The accountant of the company's School Desk Division is currently preparing a budget for the first quarter of 2011. The following sales forecast has been made by the division's sales manager. January 5,000 desk and chair sets February 6,000 desk and chair sets March 7,500 desk and chair sets April 10,000 desk and chair sets May 10,000 desk and chair sets Each desk and chair set requires 10 metres of pine planks and 1.5 hours of direct labour. Each set sells for $50. Pine planks cost $0.50 per metre and the division ends each month with enough wood to cover 10 per cent of the next month's production requirements. The actual opening inventory for direct materials is 5,200 metres. The division incurs a cost of $20.00 per hour for direct labour wages and fringe benefits. The division ends each month with enough finished goods inventory to cover 20 per cent of the next month's sales. Required Prepare the following budget Schedules: 1. Sales Budget [2] 2. Production Budget [6] [Total Marks: 2+6= 81 TIT