Problem 1: Operating budget for a manufacturing company Hampton Co. manufacturers and sells two types of tables: Regular and Deluxe. In July 2017, the company's budget department gathered the following data to prepare 2018 budget. Projected Sales in 2018: Regular 60,000 tables at $165/table Deluxe 40,000 tables at $250/table Direct Materials and labor hours used to produce one table Regglar Deluxe Wood 2 lbs 3 lbs Glass panel 0 unit 1 unit Steel 4 lbs 5 lbs Direct Labor 2 hours 3 hours Target Finished Goods Inventory: Jan. 1 2018 Dec. 31 2018 Regular 20,000 tables 25 ,000 tables Deluxe 8,000 tables 9,000 tables Target Direct Materials Inventory: Jan. 1 2018 Dec. 31 2018 Wood 29,000 lbs 32,000 lbs Glass panel 6,000 units 7,000 units Steel 32,000 lbs 36,000 lbs Projected direct material and direct labor costs for 2018: Estimated Price Wood 55 5/113 Glass panel 8 3/unit Steel 5512/1]: Direct labor $12fhour for Regular table $16fhour for Delux table Manufacturing Overheads are allocated at the rate of $20 per direct labor-hour. Assume that there is no price change during 2017 and 2018. Also, the company does not expect to have any beginning or ending work-inprocess inventory in 2018. Required) Prepare the following budgets: a. Sales (in dollars) b. Production (in units) c. Direct material usage (in quantity 8: in dollars)