Cato Industrial has estimated that production for the next five quarters will be: Production Information 1st quarter, 2020 45,000 units 2nd quarter, 2020 40,800 units 3rd quarter, 2020 49,200 units 4th quarter, 2020 38,400 units 1st quarter, 2021 46,600 units Finished units of production require 6 pounds of raw material per unit. The raw material cost is $7 per pound. There is $283,500 of raw material on hand at the beginning of the first quarter, 2020. Cato desires to have 15 percent of next quarter's material requirements on hand at the end of each quarter. Prepare quarterly direct materials purchases budgets for Cato Industrial for 2020. Cato Industrial Direct Materials Purchases Budge For the Year Ending December 31, 2 Quarter 2 Quarter 1 Units to be produced Cost of raw material per unit $ $ Cost of raw material needed for production Add Desired ending inventory of raw material Total material needed Less Beginning inventory of raw material Required raw material purchases $ $ Iget - 2020 Quarter 3 Quarter 4 Year $ $ $ $ $