Sky High Parachute Company manufactures and sells parachutes to adventure companies. The company's sales forecast for the coming year follows:23 000 34,000 52,000 .000 Quarter3 ZZ,000 Quarter 4 AA,000 Quarter1 Quarter 2 Budgeted sales (units)Xx,000 & 4. (Note: if xx, YY, ZZ or AA is 00, substitute 99). Other budgeted information follows: YY,000 digits 3 Where XX- the last two digits of your student ID, vY digits 4 & 5 of your student ID, zZ- digits 6 & 7 and AA The budgeted sales price for each parachute is $1,000 The company budgets production so that ending finished goods inventory equals 10% of the next quarter's budgeted sales Each parachute requires 20 square yards of a specialty material that costs $15 per square yard The company purchases raw materials so that 10% of each quarter's production needs are left over at the end of the quarter to be used as beginning inventory in the next quarter. At the beginning of the first quarter, 70,000 square yards of material were on hand. Each parachute requires 15 hours of direct labor at a rate of $12 per hour. Manufacturing overhead costs are budgeted at $1 million per quarter plus $50 per unit. Selling and administrative expenses are budgeted at $500,000 per quarter plus 10% of total sales revenue