Lily Company's sales budget projects unit sales of part 1987 of 8,400 units in January, 10,000...

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Lily Company's sales budget projects unit sales of part 1987 of 8,400 units in January, 10,000 units in February, and 11,000 units in March. Each unit of part 1987 requires 4 pounds of materials, which cost $2 per pound. Lily Company desires its ending raw materials inventory to equal 40% of the next month's production requirements, and its ending finished goods inventory to equal 20% of the next month's expected unit sales. These goals were met at December 31, 2021. Prepare a production budget for January and February 2022. LILY COMPANY Production Budget January February (b) Prepare a direct materials budget for January 2022. LILY COMPANY Direct Materials Budget > January < < > > $ Lily Company's sales budget projects unit sales of part 1987 of 8,400 units in January, 10,000 units in February, and 11,000 units in March. Each unit of part 1987 requires 4 pounds of materials, which cost $2 per pound. Lily Company desires its ending raw materials inventory to equal 40% of the next month's production requirements, and its ending finished goods inventory to equal 20% of the next month's expected unit sales. These goals were met at December 31, 2021. Prepare a production budget for January and February 2022. LILY COMPANY Production Budget January February (b) Prepare a direct materials budget for January 2022. LILY COMPANY Direct Materials Budget > January < < > > $