Concord Industries has adopted the following production budget for the first 4 months of 2022. Month Units Month Units January 11.200 March 5,600 February 8.960 April 4.480 Each unit requires 4 pounds of raw materials costing $6 per pound. On December 31, 2021, the ending raw materials inventory was 8,960 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements. Prepare a direct materials purchases budget by month for the first quarter. CONCORD INDUSTRIES Direct Materials Purchases Budget For the Quarter Ending March 31, 2022 V January February March 11,200 8,960 5,600 4 4 4 Production 44.800 35,840 22,400 iding Direct Materials (Pounds) Direct Materials (Pounds) es 6 6 6 rials Purchases $ $ $