The Booklt Company manufactures annual diary. With a small number of dedicated employees and state-of-the-art manufacturing equipment, it is a growing business but needs some help with budgeting for 2021. Last year it had been working on the policy of carrying 10% of the following quarter's projected sales as the ending inventory. This worked well throughout the year. However, by the end of December 2020 it had completely run out of its diaries and had to work hard in the first quarter in 2021 to build up inventory. To address the projected high demand season growth in sales (expected in the fourth quarter in 2021) it plans to increase finished goods in the 3rd quarter in 2021, so the new beginning inventory in the 4th quarter in 2021 will be 5,000 diaries. For the other quarters of the year (2021), the business decides to continue with the 10% policy. It is estimated that the budgeted 1st quarter sales for 2022 will drop off again to 20,000 The Book It Company - 2021 Sales Volume Sales price (per diary) Direct Materials (per diary) Direct labour hours (per diary) Direct labour cost (per hour) First Quarter 21,000 $20 $10 0.1 $40 Second Quarter 26,000 $21 $10 0.1 $40 Third Quarter 30,000 $22 $9 0.15 $35 Fourth Quarter 38,000 $23 $9 0.15 $35 Based on the above information, prepare the following budgets. (6 marks) 1. Sales Revenue Budget (1 mark) 2. Production Budget (3 marks) 3. Direct Material Budget (1 mark) First Quarter Second Quarter First Quarter Second Quarter First Quarter Third Quarter Third Quarter Fourth Quarter Fourth Quarter Second Quarter 4. Direct Labour Budget (1 mark) Third Quarter Fourth Quarter