Question Sec B Subjective Young Product produces Coat Racks. The projected sales for the first quarter is 100,000 Units of the coming year with Sales Price Rs 150 per unit and the beginning and ending inventory expected 8,000 & 12,000 Units respectively. The coat racks are molded & then painted. Each rack required 4 pounds of metal, which costs Rs 23 per pound. The beginning inventory of raw material is 4,000 pounds. Young Product wants to have 6,000 pounds of metal in inventory at the end of quarter. Each rack produced requires 30 minutes of direct labor time, which is billed at Rs 90 per hours. Budgeted Fixed Over Head is Rs 500,000 on 100,000 units Required: (Total Marks- 10) 1. Prepare a Sales Budget (in Value) for the first quarter. (Marks-1) 2. Prepare a Production Budget (in units only) for the first quarter. (Marks-2) 3. Prepare a Direct Materials Purchase Budget for the first quarter. (Marks-2) 4. Prepare a Direct Labor Budget for the first quarter. (Marks-1) 5. Prepare an Income Statement as per Marginal & Absorption Costing. (Marks-3) 6. Prepare the Profit Reconciliation Statement. (Marks-1)