Hi I just need help with my homework. I need to show work as well.

Homeworlu che al Problem 1 Sky High Parachute Company manufactures and solls parachutes to adventure companies. The compary's sales forecast for the coming year follows 40,000 35,000 45.000 Other budgeted information follows: The budgeted sales price for each parachute is $1,000 . The company busdgets production so that ending finished goods inventory equals 10 percent of the . Each parachute requires 20 square yards of a specialty material that costs $15 per square yard The company purchases raw materials so that 10 percent of each quarters production needs are left over at the end ol the quarter to be used as beginning inventory in the next quarter. At the beginning of the first quarter, 70,000 square yards of material were on hand. . Each parachute requires 15 hours of direct labor at a rate of $12 per hour Manufacturing overhead costs are budgeted at $1 million per quarter plus $50 per unit produced Selling and administrative expenses are budgeted at $500,000 per quarter plus 10 percent of total Required: Prepare the following operating budgets for quarters 1 through 3. (You do not have enough information to sales revenue. prepare all of the budgets for quarter 4.) 1. Sales budget. 2. Production budget 3. Raw materials purchases budget. Direct labor budget Manufacturing overhead budget. Selling and administrative expense budget. 6