Check my work Exercise 8-3 (Algo) Direct Materials Budget (LO8-4) Four grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $210 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3 Year 2 Years First Second Third Fourth Budgeted production, in bottles 98,000 128,000 188,000 138,000 103,000 First Musk oil has become so popular as a perfume ingredient that it has become necessary to carry large inventories as a precaution against stock-outs For this reason, the inventory of musk oil at the end of a quarter must be equal to 20% of the following quarter's production needs. Some 78,400 grams of musk oil will be on hand to start the first huarter of Year 2. Required: Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2 Mink Caress