Suppose you are a new accountant at Flying Kites. The previous accounting staff has always prepared a budget that is calculated using only one estimated volume of sales. You are required to set up a spreadsheet for sensitivity analysis in the budgeting process. This year it appears that the enity may not meet expectations, which could result in a loss. You manager is concerned that the entity will incur a loss again next year, and wants to develop a budget that will easily reflect changes in the assumptions The senior accountant provided you with the followingdata about next year's planned operations: Direct labour requirement and rate: Assembly Packaging Hours per kite 0.5 0.1 Rate per hour $30.00 $20.00 Use of direct materials in Sper kite: Nylon $10.00 Ribs $5.00 String $2.00 Direct materials inventory (in %): Expected inventories, 1 Desired inventories, 31 January December Nylon $6,000 Ribs $3,300 Strings $1.000 $6,500 $3,500 $1,200 Finished goods inventory (in units): Expected inventories, 1 January Desired inventories, 31 December 3000 3200 Units Sales forecast: Finished goods inventory (in units): Expected inventories, 1 January Desired inventories, 31 December 3000 3200 Units Sales forecast: Selling price: Volume of annual sales (in units): $75 90000 Required: 1. Prepare a sales budget (in dollars)[2 marks] Click or tap here to enter text. 2. Prepare a production budget (in units)[2 marks] Click or tap here to enter text. 3. Prepare a direct material purchases budget (in dollars) 4 marks]