Triggerfish Co'a sales budget projects sales of 110,000 units of a certain product line at a price of $8 per unit. There are 10,000 units of the product in inventory at January 1 and the inventory is to be increased 20% during the year Two kind of materials, X and Y are used to make the product. 2 units of Material X, costing 50 cents each, are required for each unit of product, and 3 units of Material Y costing 30 cents each, are required for each unit of product. On January 1, there are 10,000 units of Material X in inventory and 5,000 units of Material Y Plans for the year indicate that 12,000 units of Material X and 6,000 units of Material Y are to be in the inventory on December 31 Each unit of product can be produced in 15 minutes of direct labor time Direct labor is paid at the rate of $7.00 an hour. The variable manufacturing overhead rate is $0.50 per machine hour and the fixed manufacturing overhead for the year is estimated at $140,000 Required: 1. Prepare a production budget for the year. b. Prepare a direct materials budget for the year c. Prepare a direct labor budget for the year