X ple manufactures specialist insulating products that are used in both residential anr nmercial buildings. One of the products, Product W, is made using two different raw materials anu cwo types of labour. The company operates a standard absorption costing system and is now preparing its budgets for the next four quarters. The following information has been identified for Product W: ed and the remainder varies with total orbed on a unit basis. Inventory holding policy: Closing inventory of finished goods 30 per cent of the following quarter's sales demand Closing inventory of materials 45 per cent of the following quarter's material usage The management team are concerned that X plc has recently faced increasing competition in the marketplace for Product W. As a consequence, there have been issues concerning the availability and costs of the specialized materials and employees needed to manufacture product W, and there is concern that these might cause problems in the current budget setting process. Required: Prepare the following budgets for each quarter for X plc: (a) Production budget in units (quarters 1-4 and total) (b) Raw material purchases budget in kg and value for material B (quarters 1-4 and total)