The company manufactures an off-road bicycle. Below are the budgeted unit sales by quarter for the upcoming year and the first quarter of the next year. Year 2021 Budgeted Sales Units Q1 Q2 Q3 Q4 Total Bicycles 2,000 12,000 11,000 2,000 27,000 Finished Goods Inventory Balances: Opening balance Q1: 600 bicycles Ending balance Q4: 750 bicycles The company budgets to have finished goods inventory on hand at the end of each quarter equal to 30% of the upcoming quarter's sales quantities. Required: 1. Create a production schedule for the bicycles required for the upcoming budget year (2021). What is the total number of bicycles budgeted to be produced in 2021? A critical input material for the bicycle production is the supply of wheels (two per bicycle). The company budgets to have inventory on hand at the end of each quarter 25% of the production quantities required in the following quarter. Below are the budget inventory assumptions for the wheels. The budgeted price per wheel is $8.00. Direct Materials (Wheels) Balances: Opening balance Q1: 2,000 wheels Ending balance Q4: 2,500 wheels The company budgets to have materials inventory on hand at the end of each quarter equal to 25% of the upcoming quarter's production quantities. 2. Create a direct materials budget for the unit purchases of wheels to support the bicycle production. 3. What is the budgeted dollar value of the total wheels purchases for the upcoming year