The coat racks are molded and then painted. Each rack requires four pounds of metal, which cost SAR 2.50 per pound. The beginning inventory of materials is 4,000 pounds. ABC Company Limited wants to have 6,000 pounds of metal in inventory at the end of the quarter. Each rack produced requires 30 minutes of direct labor time, which is billed at SAR 9 per hour Required 1. Prepare a sales budget for the first quarter. 2. Prepare a production budget for the first quarter.] 3. Prepare a direct materials purchases budget for the first quarter. 4. Prepare a direct labor budget for the first quarter. The coat racks are molded and then painted. Each rack requires four pounds of metal, which cost SAR 2.50 per pound. The beginning inventory of materials is 4,000 pounds. ABC Company Limited wants to have 6,000 pounds of metal in inventory at the end of the quarter. Each rack produced requires 30 minutes of direct labor time, which is billed at SAR 9 per hour Required 1. Prepare a sales budget for the first quarter. 2. Prepare a production budget for the first quarter.] 3. Prepare a direct materials purchases budget for the first quarter. 4. Prepare a direct labor budget for the first quarter