The role of management accountants has been well-known to the corporate world as they widely contribute for performing planning, controlling and decision making functions effectively and efficiently through providing solid accounting information with good analysis. Liebherr Industries has been growing in terms of revenue and its customer base over the past decade. The Board of Directors of the company has been claiming that they should have one management accountant for their company to achieve better performance in the coming periods. Production and Cost Details Liebherr manufactures and sells many replacement parts for its equipment. PX-111 is one of such parts that has following cost and selling price structure: Information per unit 700 Selling Price Direct Material 300 permit of material 50 per hour Direct Labour cost 6 hours Number of labor hours needed to manufacture one unit of peoduct Fixed Costs for the company 540,000 Estimations for the next year 2021 The company has estimated the following information; (1) Sales Estimations First Quarter Second Quarter Third Quarter Fourth Quarter Number of units to be sold (Units 1,000 1.100 1.200 1.100 (ii) Inventory estimations Inventory Beginning Ending (first quarter The company desires to have an ending inventory cach quarter equal to 25% of the next quarters Finished Goods 200 units als The first quarter sales for the following wear (20) Espected to be 1.400 units The company desires the ending balance in materials inventory to be 45% of the neid Materials $120,000 quarter's cost of materials. The cost of materials for the first quarter in the following year (2002 is expected to be $170,400 Required: Based on the estimated information given above, prepare A. Sales Budget (10 marks) B. Production Budget (10 marks)