Electro Company budgets production of 550,000 electric panels in the second quarter and 620,000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $1.30 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 88,000 pounds. Prepare a direct materials budget for the second quarter. ELECTRO COMPANY Direct Materials Budget Second Quarter 550,000 units Units to produce Materials cost per pound Materials needed for production (pounds) Total materials required Materials to purchase (pounds) Cost of direct materials purchases