Electro Company budgets production of 490,000 electric panels in the second quarter and 560,000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $1.60 per pound. The company desires to end each quarter with an ending inventory of this material equal to 20% of next quarter's budgeted materials requirements. Beginning inventory of this material is 78,400 pounds. Prepare a direct materials budget for the second quarter. Units to produce ELECTRO COMPANY Direct Materials Budget Materials needed for production (pounds) Total materials required s Materials to purchase (pounds) Cost of direct materials purchases Second Quarter 490,000 units