Questions: 1) On January 1, 2017 the ABC Company budget committee has reached agreement on the following data fort he 6 months ending June 30,2017. Sales units First quarter 5,000; second quarter 6,000; third quarter 7,000 40% of the next quarter's production requirements Ending raw materials inventory Ending finished goods inventory Third-quarter 2017 production 30% of the next quarter's expected sales units 7,500 units The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to production and sales that occur in 2017. Two pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $ 5 per pound. a. b. Prepare a production budget by quarters fort he 6-month period ended June 30, 2017. Prepare a direct materials budget by quarters fort he 6-month period ended June 30, 2017