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. D E J K L M N F H Production Budget Year Ending December 31 Quarter 2 3 4 Year Sales in units (from sales budget) Add desired ending FG inventory Total FG inventory needed Deduct beginning FG inventory Units to be produced 1 7.800 1,300 9,100 (780) 8.320 Correct 48.700 Incorrect Incorrect Incorrect Moto C Tininhodood