2. Four pounds of materials are required for each unit produced. Ending inventory levels for raw materials are 25 % of next month's production needs. Cost of one pound of material is $1.50. Based on this information and your production schedule from above, complete the following material purchase budget for September and October. Setember October Pounds of Material Needed for Production 3,800 Pounds t Purchase Total Purchase Cost The sales forecasts om the previous page has been reproduced below: - $80 000 $100 000 $120 000 $90 000 $110000 20% sales are cash sales. Approximately 10% of credit sales are never collected. The collectible portion of credit sales are collected as follows: ?0% in the month of the sale 30% in the month following the sale Dixon pays for 60% of direct material purchases during the month of purchase and the remainder the following month (use purchases budget om previous page). All other cash payments are paid during the month incurred, as follows: Direct Labor costs $3 per unit produced Fixed manufacturing overhead $25,000 (including $15,000 in depreciation) Sales commissions 10% of sales revenuel Fixed administrative salaries SB 4,000 The company will borrow any funds necessary to maintain a minim-um cash balance of $10,000. If the firm develops cash shortage by the end of the month, sufcient cash is borrowed to cover the shortage