Smith Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the planters each month to be as follows: (Click the icon to view additional information.) Inventory at the start of the year was 800 planters. The desired inventory of planters at the end of each month should be equal to 25% of the following month's budgeted sales. Each planter requires two pounds of polypropylene (a type of plastic). The company wants to have 20% of the polypropylene required for next month's production on hand at the end of each month. The polypropylene costs $0.10 per pound. Read the requirements. Requirement 1. Prepare a production budget for each month in the first quarter of the year, including production in units for each month and for the quarter. Smith Manufacturing Production Budget For the Months of January through March Unit sales January 3,200 February March Quarter 3,000 3,500 9,700 750 875 Plus: Desired ending inventory 1,075 1,075 Total needed 3,950 3,875 4,575 10,775 Less: Beginning inventory Units to produce Data table January...... February .... March........ April..... May Number of planters to be sold 3,200 3,000 3,500 4,300 4,600 1. Prepare a production budget for each month in the first quarter of the year, including production in units for each month and for the quarter. 2. Prepare a direct materials budget for the polypropylene for each month in the first quarter of the year, including the pounds of polypropylene required and the total cost of the polypropylene to be purchased