The Timbrick Company produces and sells a single product. The production of this product requires 15 liters of direct material for each unit produced. Timbrick has an inventory policy which sets a target ending inventory of finished goods equal to 15% of next months expected unit sales. The target ending inventory for direct materials is 30% of the materials needed for production for next month. The budgeted cost of direct materials is $0.40 per liter. Normally, Timbrick pays the suppliers for 30% of a month's purchases in the month of the purchase and they pay the remainder (70%) the next month. On 1 January 20x3, Timbrick produced a budget for the three-month period (January, February, March). An incomplete version of that budget is shown below. (Missing values show "-") January February March 1st Quarter 23,000 24,000 36,000 83,000 3,600 PRODUCTION BUDGET Budgeted unit sales Target ending finished goods inventory Total requirements (finished goods) Beginning finished goods inventory 26,600 29,400 40,800 Units to be produced 22,750 83,950 DIRECT MATERIALS PHYSICAL UNITS BUDGET Materials required per unit (liters/unit) 15 15 15 15 341,250 1,259,250 116,100 159,300 135,900 Materials to be used in production Target ending materials inventory Total requirements (materials) Beginning materials inventory Materials to be purchased 457,350 353,775 430,200 1,291,575 COST BUDGET 0.40 0.40 0.40 0.40 Material cost per liter ($/liter) Total cost of purchases $141,510 $516,630 Cash paid to suppliers $135,693 $181,368 You do NOT need to fill in all the missing values in the schedule above. You need to answer the following questions. Each question is 3 marks. Required: Please compute the follows. 1. Beginning finished goods inventory for January, 20x3. 2. Total requirements (finished goods) for the 1st Quarter 3. Budgeted unit sales for April, 20x3. 4.Units to be produced for February, 20x3. 5. Estimate the total cost of purchases for December, 20x2