Copr., Goedl Below is data for Queens Island, Corp. The desired ending raw material inventory in the current quarter should equal to 10% of the next quarter's production. The only raw material used to produce a single unit is the 2 pounds of molding material. The material costs $1.20 per pound. The company began the first quarter of year 3 with 6,600 pounds in the beginning raw material inventory. What is total raw material purchases for guarter 1? $36,480 $66,000 $80,880 $74,000