Current Attempt in Progress Sheridan Company has 1,824 pounds of raw materials in December 31, 2021, ending inventory. Required production for January and February of 2022 are 4,560 and 5,700 units, respectively. Two pounds of raw materials are needed for each unit, and the estimated cost per pound is $7. Management desires an ending inventory equal to 20% of next month's materials requirements. Prepare the direct materials budget for January. SHERIDAN COMPANY Direct Materials Budget : $ Direct Materials Budget a A 4: $ $ To din Sheridan Company has 1,824 pounds of raw materials in its December 31, 2021, ending inventory. Required production for January and February of 2022 are 4,560 and 5,700 units, respectively. Two pounds of raw materials are needed for each unit, and the estimated cost per pound is $7. Management desires an ending inventory equal to 20% of next month's materials requirements. Prepare the direct materials budget for January. SHERIDAN COMPANY Direct Materials Budget 4 Total Cost of Direct Materials Purchases Total Required Direct Labor Hours Beginning Materials Inventory Direct Labor Time Per Unit Cost Per Pound Units to be produced Total Pounds Required for Production Direct Materials Pounds Per Unit Desired Ending Inventory Pounds Total Materials Required Direct Labor Cost Per Hour Total Direct Labor Cost Direct Materials Units to be purchased A