DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month January February Units Month 10,120 March 8,460 April Units 5,480 4,370 Each unit requires 5 pounds of raw materials costing $3 per pound. On December 31, 2019, the ending raw materials inventory was 10,120 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. DEWITT INDUSTRIES Direct Materials Purchases Budget For the Quarter Ending March 31, 2020 January February March Units to be Produced 10120 8460 5480 Direct Materials Per Unit 5 Total Pounds Needed for Production 50600 42300 27400 Add Desired Ending Direct Materials (Pounds) 8460 5480 4370 X X Total Materials Required Less v1 Beginning Direct Materials (Pounds) X Direct Materials Purchases Cost Per Pound Total Cost of Direct Materials Purchases