s 1. a. What is a budget? b. How does a budget contribute to good management? BE24.2 (LO 2) Paige Company estimates that unit sales will be 10,000 in quarter 1, 14,000 in quarter 2, 15,000 in quarter 3, and 18,000 in quarter 4. Using a sales price of $70 per unit, prepare the sales budget by quarters for the year ending December 31, 2020. BE24.3 (LO 2) Sales budget data for Paige Company are given in BE24.2. Management desires to have an ending finished goods inventory equal to 25% of the next quarter's expected unit sales. Prepare a production budget by quarters for the first 6 months of 2020. BE24.4 (LO 2) Perine ompar nas 2,000 pounds of raw materials in its December 31, 2019, ending inventory. Required produc for January and February of 2020 are 4,000 and 5,000 units, respectively. Two pounds of raw mater are needed for each unit, and the estimated cost per pound is $6. Man- agement desires an ending inventory equal to 25% of next month's materials requirements. Prepare the direct materials budget for January BE24.5 (LO 3) For Gundy Company, units to be produced are 5,000 in quarter 1 and 7,000 in quarter 2. It takes 1.6 hours to make a finished unit, and the expected hourly wage rate is $15 per hour. Prepare a direct labor budget by quarters for the 6 months ending June 30, 2020. Prepare a sales budget. Prepare a production budget for 2 quarters. Prepare a direct materials budget for 1 month. Prepare a direct labor budget for 2 quarters