Truong Hai Corporation manufactures mainly two different types of furniture product: chair and table In the fall of the current year, the controller, showed the following data. Sale budget for 2001 (all units to be shipped in this year and on account) Product Units Price Chair 80000 167 Table 40000 237 Raw material prices and inventory levels Desired Expected Anticipated Raw Inventories, Inventories, purchase material 31/12/2001 1/1/2001 (kg) (kg) price ($) Wood 42000 36000 55 Sheet metal 29000 32000 52 Plastic 6000 7000 50 Use of raw material Amount Used in unit Raw material Chair Table Wood (kg) 5 7 Sheet metal (kg) 5 6 Plastic (kg) 2Direct labor requirements and rates Product Hours per unit Rate per hour Chair 3 20 Table 5 25 Finished goods inventories (in units) Desired Expected Inventories, Product Inventories, 1/1/2001 (kg) 31/12/2001 (kg) Chair 20470 25000 Table 8000 9470 Production overhead Activity- based budget rat Overhead cost activity: $ 0.25 per kg of wood and metal purchased Purchasing and material handling $4 per chair and table produced Depreciation, utilities, and inspection $1 per chair and table shipped Shipping $3 per Direct labor hour general production overheadRequired: Prepare the following budgets for the year of 2001 1) Production budget (in units) 2) Raw material purchases budget (in quantities) 3) Raw material purchases budget (in dollar) 4) Direct labor budget (in dollar) 5) Production overhead budget (in dollar)