2 Fortin Limited produces and sells a single product, a wearable LED light for runners and cyclists. The analytics group at Fortin Limited has developed the following estimates for unit sales in the upcoming year Budgeted unit sales First Quarter 25,500 Second Quarter 22,100 Third Quarter 20,600 Fourth Quarter 22,200 9.38/25 points awarded Scored eBook Each light requires two separate LED bulbs, each of which costs $2. To ensure enough LED bulbs are on hand to support short-term production if a problem arises with the sole supplier, Fortin Limited maintains an ending inventory of 10% of the following quarter's production needs. A total of 4,800 LED bulbs will be on hand to start the first quarter of the upcoming fiscal year. Management exped sales in the fourth quarter of the upcoming year to be the same as the first quarter of the following year. Required: Prepare a direct materials purchases budget for LED bulbs, by quarter and in total, for the upcoming fiscal year. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. Print References FORTIN LIMITED Direct Materials Budget - Year 2 Quarter First Second Third Fourth Year Required production of lights Number of bulbs per light Total production needs-bulbs Add Desired ending inventory-bulbs Total needs-bulbs 25,500 22,100 20 20 20,600x 20 22,200 90,400 X 2 2 51,000 44,200 41,200 44,400 180,800 4,420 4,120 4,440 4,800 17,780 55.420 48,320 45,640 49,200 198,580 Less: Beginning inventory-bulbs 4,800 4,500 4,200 4,440 4,800 Required purchases-bulbs 50,320x 43,900 Total cost of purchases $ 100,640 $ 87,800 41,520 $ 83,040 44,000 $89,520 $ 361,000 180,500 "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted