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Aki Companys management wants to prepare budgets for one of its products, Muraflex for July $2024.$ The firm sells the product for $$80\mathrm{.}00$ per unit and has the following expected sales in units for these months in $2024$: May $5$XXX $($use the number $5$ followed by the last $3$ digits of your student ID$)$June $5500$ July $6000$ August $7000$ September $8000$ The production process requires $4$ lbs$.$ of material X and $2$ lbs$.$ of material Y$.$ The firm's policy is to maintain an ending inventory each month equal to $10\%$ of the following month's budgeted sales but in no case less than $500$ units. All materials inventories are to be maintained at $5\%$ of their production needs for the next month but not to exceed $1,000$ lbs$.$ The firm expects all inventories at the end of June to be within the guidelines. The Purchases department expects the materials to cost $$1\mathrm{.}25$ per pound and $$5$ per pound for products X & Y$,$ respectively The production process requires direct labor at two skill levels. The rate for labor at level I is $$50$ per hour and $$20$ per hour for level $2.$ The company can produce one batch of product X per hour and each batch consists of $100$ units. The manufacturing of product X also requires $1/10$th of an hour of level $2$ workers time for each unit manufactured. Required:Prepare the following budgetsSales budget for July in dollarsProduction budget for July in unitsProduction budget for August in unitsDirect materials purchases budget for July in poundsDirect materials purchases budget for July in dollarsDirect manufacturing labor budget for July in dollars

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