The Fragrances Division of Consumer Cosmetics is expected to nave an inventory of finished goods of 5,000 litres of various products at the end of each accounting period. At the start of 2021 , the division's inventory had a cost of $10 per litre, totalling $50,000. The division expects production cost per litre to remain constant during 2021. Sales for 2021 are budgeted to be as follows: The division also anticipates sales of 20,000 litres in the first quarter of 2022. Required (a) Based on the above information, prepare a production plan for the four quarters of 2021. (b) The company has decided to move toward a more efficient inventory management system. In 2021, it will start with an inventory of 5,000 litres, but at the end of each quarter the closing inventory will be planned as 10% of the following quarter's sales. Prepare a