Sales and Production Budgets. Specialty Products, Inc., produces fire retardant tarps. Unit sales last year, ending December 31, follow. First quarter 6,000 Second quarter 10,000 Third quarter 12,000 Fourth quarter 8,000 Unit sales are expected to increase 30 percent this coming year over the same quarter last year. Average sales price per tarp will remain at $300. Assume finished goods inventory is maintained at a level equal to 10 percent of the next quarter's sales. Finished goods inventory at the end of the fourth quarter budget period is estimated to be 1,900 units. Required: a. Prepare a sales budget for Specialty Products, Inc., using a format similar to Figure 9.3. (Hint: be sure to increase last year's unit sales by 30 percent.) b. Prepare a production budget for Specialty Products, Inc., using a format similar to Figure 9.4. 28. Sales and Production Budgets a. Specialty Products, Inc. Sales Budget Year Ending December 31 Quarter 2 4 Year Prior year sales in units Budget increase of 30 percent Projected sales in units Sales price per unit 6,000 1.30 7.800 $300 Year Column Data is: Incorrect Incorrect Correct Incorrect 46,800 X Sales revenue Incorrect $2,340.000 Correct Incorrect Incorrect Incorrect