Electro Company budgets production of 600,000 electric panels in the second quarter and 670,000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $1.80 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 96,000 pounds. Prepare a direct materials budget for the second quarter. ELECTRO COMPANY Direct Materials Budget Second Quarter Units to produce 600,000 units Materials needed for production (pounds) Total materials required Materials to purchase (pounds) Cost of direct materials purchases