Direct materials budgeted payments (Appendix 10A) New Ventures intends to start business on the first of January. Production plans for the first four months of operations as follows: January 21,800 units February 50,200 units March 71,400 units April 70,300 unitsEach unit requires 2 pounds of material. The firm would like end each month with enough raw material inventory on hand to cover 25% of the following month's production needs. The material costs $7 per pound. Management anticipates being able to pay for 40% of its purchases in the month of purchase. They will receive a 10% discount for these early payments. They anticipate having to defer payment to the ne month on 60% of their purchases. No discount will be taken on these late payments. The business starts with no inventories on January 1. (The numbers and symbols in parenthesis corresponds to the coding system in the textbook.) Required Determine the budgeted payments for purchases of materials for each of the first three months of operations. [e] January February March Payments for purchases of materials $ 173124 $ 568260 $ 824670