Squire Ltd specialises in automated tax returns kits designed for budding tax accountants. While the company performed brilliantly last year, Squire Ltd wants to reach new heights in the upcoming year and decides to prepare operating budgets to help the company. Squire Ltd had the following sales budget prepared for the year ending 31 December 2020: Quarter Year T2 3 Expected unit sales 5,000 1 4,000 6,000 7,000 22.000 On the basis of past experience, Squire Ltd believes it can meet future sales requirements by maintaining an ending finished goods inventory equal to 20% of the next quarter's budgeted sales volume. This policy is introduced from 1 January 2020 onwards. On 1 January 2020, Squire Ltd has beginning finished goods inventory of 400 units. Squire Ltd expects sales for the first quarter of 2021 to be equal to 6000 units. Squire Ltd estimates that each tax returns kit will require $3 of raw materials and wants to maintain a quarterly ending balance of $100 raw materials on hand. On 1 January 2020, there were no raw materials on hand. Each kit will require 3 hours of direct labour ($20 per hour). Squire Ltd also expects variable overhead to be $5 per unit and fixed overhead to be $3,500 per quarter (this includes $1,000 depreciation expense). The company calculates that each kit should be sold at $50 and sales commission should be 5%, paid in the quarter following sale. Fixed selling and administration expenses are expected to be $1,900 per quarter. Required: Prepare a Production Budget for Squire Ltd below for each of the 4 quarters and the year ending 31 December 2020