Current Attempt in Progress Pharoah industries has adopted the following production budget for the first 4 months of 2022. Each unit requires 2 pounds of raw materials costing $3 per pound. On December 31, 2021, the ending raw materials inventory Was 4,480 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. PHAROAH INDUSTRIES Direct Materials Purchases Budget January February eTextbook and Media PHAROAH INDUSTRIES Direct Materials Purchases Budget eTextbook and Media PHAROAH INDUSTRIES Direct Materials Purchases Budget Direct Labor Cost Per Hour Cost Per Pound Direct Materials Purchases Direct Labor Time Per Unit Total Cost of Direct Materials Purchases Beginning Direct Materials (Pounds) Total Direct Labor Cost Total Required Direct Labor Hours Total Materials Required Total Pounds Needed for Production Units to be Produced Desired Ending Direct Materials (Pounds) Direct Materials Per Unit