9. ABC has developed a very powerful electronic calculator. Each calculator requires five small "chips" that cost $10 each and are purchased from an overseas supplier. Micro Products has prepared a production budget for the calculator by quarters for Year 2 and for the first quarter of Year 3, as shown below: Year 2 Year 3 First Second Third Fourth First Budgeted production, in calculators 10,000 20,000 30,000 40,000 50.000 The chip used in production of the calculator is sometimes hard to get, so it is necessary to carry large inventories as a precaution against stockouts. For this reason, the inventory of chips at the end of a quarter must equal 30% of the following quarter's production needs. A total of 10,000 chips will be on hand to start the first quarter of Year 2 Required: Prepare a direct materials budget for chips, by quarter and in total, for Year 2. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. Quarter-Year 2 First Second Third Fourth Year 2 Third Second Fourth First Year