Each gallon of Old Guard, a popular aftershave lotion, requires 2 ounces of ocean scent Budgeted production of Old Guard for the first three quarters of 2016 Is as follows Querter Querter l Querter 1 10,000 gellons 18,000 gellons ,000 gallons Management's policy is to have on hand at the end o every quarter enough ocean scent invento to meet 25%of the next quarter's production needs. At the beginning o Quarter 5 00 ounces of ocean scent were on hand. 166 points Required: a. Calculate the number of ounces of ocean scent to be purchased in each of the first two quarters of 2016 Number of ounces Hints References eBook & Resources Hint #1 Ask your instructor a question Check my work 3. 166 points b. Indicate why management plans for an ending Inventory Insteed of planning to purchase each quarter the amount of raw materials needed for that quarter's production. (Select all that apply) Inventory provides a cushion for delivery delays Inventory provides cushion for production needs in excess of production forecast Inventory provides a cushion for payment delays Inventory provides a cushion for sales needs In excess of sales forecast