Electro Company budgets production of 690,000 electric panels in the second quarter and 760,000 electric panels in the third quarte Each panel requires 0.80 pound of direct materlal at a cost of $2.40 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 110,400 pounds. Prepare a direct materials budget for the second quarter