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The Bakery by the Bay produces organic bread that is sold by the loaf. Each loaf requires 1/2 of a pound of flour. The bakery pays $3.00 per pound of the organic flour used in its loaves. The bakery expects to produce the following number of loaves in each of the upcoming four months: EE (Click the icon to view the units to be produced) The bakery has a policy that it will have 10% of the following month's flour needs on hand at the end of each month. A the end of June, there were 76 pounds of flour on hand. Prepare the direct materials budget for the third quarter, with a column for each month and for the quarter Direct Materials Budget For the Months of July through September July August September Quarter 1,940 0.500.50 970 81 1,051 1,510 Units to be produced Multiply by: Pounds of flour needed per unit Quantity needed (ibs) for production Plus: Desired ending inventory of direct materials Total quantity (Ibs) needed Less: Beginning inventory of direct materials Quantity (lbs) to purchase Multiply by: Cost per pound Total cost of direct material purchases 755 97 852 1,620 0.50 810 76 886 5,070 0.50 2,535 76 2,611 3.00 S 300 S 3.00 S 3.00 Enter any number in the edit fields and then click Check