The GEC Ltd manufacturers pumps used in coolers. The firm has developed a forecasting tool that has been successful in predicting sales for the company: Sales = 10,000+ (0.25 x coolers sold). The coming year's cooler sales are expected to be 2,00,000. The pump contains material costing $ 50. Direct labour is $ 60 per unit and variable manufacturing overhead is $40 per pump. Besides the variable manufacturing costs, there are commissions to sales people of 10 per cent of sales amount. The pump sells for $250 per unit. Fixed costs of manufacturing are 10,00,000 per year and fixed selling and administrative expenses are $ 5,00,000 per year. Both are incurred evenly over the year. Sales are seasonal, and about 75 per cent are in the April-September period which begins from April 1. The sales forecast by months, as percentages of yearly sales, are given below: April May June July August September October November 10 15 20 05058753 15 The company has a policy of keeping inventory of finished product equal to the budgeted sales for the following two months. Materials are purchased and delivered daily and no inventory is kept. The inventory of finished product on March 31 is expected to be 15,500 units. You are required to prepare a: (i) Budgeted income statement for the coming year (ii) Budgeted income statement for the first six months of the year. (iii) Production budget by months for the first six months, in unit.