This problem will be covered as part of Friday's class lecture. However, you do not have to be present to receive credit for this problem assuming it is correctly completed. On Wednesday, we had the following information: Sales projections for the next three quarters: o 1* quarter 40,000 units o 2d quarter 60,000 units o 3 quarter 100,000 units For Friday add the following in order to do a production budget for the 1% two quarters AND the total for the sixth month period: The Company desires an ending finished goods inventory (at the end of each quarter) equal to 25% of the budgeted sales for the next quarter. Beginning finished goods inventory for the first quarter equals 12,000 units. Add the following to compute (you do not have to prepare a full budget) the # of pounds of raw materials needed to be purchased for the first quarter assuming: Each unit requires 10 pounds of material. The Company desires an ending raw materials inventory of 10% of the following quarter's production needs. Beginning raw materials inventory in the first quarter is 40,000 pounds. REQUIRED 1. Prepare a production budget for the first two quarters, using the format below: Quarter 1 Quarter 2 Sixth Month Period Budgeted Unit Sales Add: Ending Finished Goods Total needs Less: Beginning Finished Goods Required Production 2. Compute the number of pounds of raw materials to be purchased in the first quarter (you don't need to prepare a formal budget, but show computations for your final result