A9-75 Budgeting for a Single Product In this activity, you will be creating budgets for a single product for each of the m upcoming quarter. Select a product that you could purchase in large quantities (a the months in an tities (at a Sam's lub or other warehouse retail chain) and repackage into smaller quantities to offer f a sidewalk caf, a sporting event, a flea market, or other similar venue. Investigate t and quantity at which this product is available at the warehouse. Choose a selling price for the smaller (repackaged) package. Make reasonable assumptions about how many of the units you can sell in each of the next four months (you will need the fourth month's sales in units for the operating budgets). sale at he price smalle Basic Discussion Questions 1. Describe your product. What is your cost of this product? What size (quantity) will you purchase? At what price will you sell your repackaged product? Make projections of your sales in units in each of the upcoming three months. 2. Estimate how many hours you will spend in each of the upcoming three months doing the purchasing, repackaging, and selling. Select a reasonable wage rate for yourself. What will your total labor costs be in each of the upcoming three months? 3. Prepare a sales budget for each of the upcoming three months. 4. Prepare the direct material budgets for the upcoming three months, assuming that you need to keep 10% of the direct materials needed for next month's sales on hand at of each month (this requirement is why you needed to estimate unit sales for four the end 5. Prepare a direct labor budget (for your labor) for each of the upcoming three months