Sale budget for 2001 (all units to be shipped in this year and on account) Product Chair Table Units Price ($) 80,000 122 40,000 192 Raw material prices and inventory levels: Raw material Expected inventories, 1/1/2001 (kg) Desired. Anticipated inventories, purchase 31/12/2001 (kg) price ($) Wood 42,000 36,000 Sheet metal 29,000 32,000 Plastic 6,000 7,000 075 10 - Use of raw material Amount Used in unit Raw material Chair Table Wood (kg) 5 7 Sheet metal (kg) 5 6 Plastic (kg) 2 - Direct labor requirements and rates Product Chair Table Hours per unit rate per hour ($) 3 5 22 20 25 Finished goods inventories (in units) Product Chair Table Desired. inventories, Expected inventories, 1/1/2001 31/12/2001 :20020 8,000 25,000 9020 - Production overhead Overhead cost activity: Purchasing and material handling Depreciation, utilities, and inspection Shipping general production overhead Activity- based budget rate $0.25 per kg of wood and metal purchased $4 per chair and table produced $1 per chair and table shipped $3 per Direct labor hour Required: Prepare the following budgets for the year of 2001 1. Sales budget (in dollar) (0.25 points) 2. Production budget (in units) (0.5 points) 3. Raw material purchases budget (in quantities) (0.5 points) 4. Raw material purchases budget (in dollar) (0.5 points) 5. Direct labor budget (in dollar) (0.25 points) 6. Production overhead budget (in dollar) (0.5 points)