School Days Furniture, Inc., manufactures a variety of desks, chairs, tables, and shelf units which are sold to public school systems throughout the midwest. The controller of the company's Desk Division is currently preparing a budget for the third quarter of the year. The following sales forecast has been made by the division's sales manager 5,000 desk-and-chair sets August 6,000 desk-and-chair sets September 7,500 desk-and-chair sets Each desk-and-chair set requires 10 board feet of pine planks and 1.5 hours of direct labor. Each set sells for S60. Pine planks cost S0.60 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 $21.00 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: August September UI Sales (in sets) Sales price per set Sales revenue 2. Production budget (in sets): August September UI Sales Add: Desired ending inventory Total requirements Less: Projected beginning inventory Planned production 1,500 3. Raw material purchases: AugustSeptember Planned production (sets) Raw material required per set (board feet) Raw material required for production (board feet) Add: Desired ending inventory of raw material, in board feet (10% of next month's requirement Total requirements Less: Projected beginning inventory of raw material, in board feet (10% of current month's requirement Planned purchases of raw material (board feet) Cost per board foot Planned purchases of raw material 8,000 dollars 4. Direct-labor budget: July AugustSeptember Planned production (sets) Direct-labor hours per set Direct-labor hours required Cost per hour Planned direct-labor cost