Scholastic Furniture, Inc. manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company's Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the division's sales manager. Each deskand-chair set requires 10 board feet of pine Aanks and 1.5 hours of direct labor Each set selis for $50. Pine planks cost $50 per board foot, and the division ends each month with enough wood to cover 10 percent of the next month's production requirements. The division incurs a cost of $20 per hour for direct-labor wages and fringe benefits. The division ends each month with enough finished goods inventory to cover 20 percent of the next month's sales Required; Complete the following budget schedules 1. Sales budget. 2. Production budget (in sets). 3. Raw-material purchases: 4. Directlabor budget. Raw-material purchases: (Round "Cost per board foot" to 2 decimal places.) Direct-labor budget: (Round "Direct labor hours per set" to 1 decimal place.) Required 3