Electro Company budgets production of 570,000 electric panels in the seconc quarter and 640,000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $1.70 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 c this material is 91,200 pounds. Prepare a direct materials budget for the second quarter. Units to produce ELECTRO COMPANY Direct Materials Budget Materials required per unit Materials needed for production (pounds) Add: Desired ending materials inventory Total materials required Less: Beginning materials inventory Materials to purchase (pounds) Materials cost per pound Cost of direct materials purchases Second Quarter 570,000 units