Electro Company budgets production of 700,000 electric panels in the second quarter and 770,000 electric panels in the third quarter. Each panel requires 0.80 pound of direct material at a cost of $2.30 per pound. The company desires to end each quarter with an ending inventory of this material equal to 20% of next quarters budgeted materials requirements. Beginning inventory of this material is 112,000 pounds. Prepare a direct materials budget for the second quarter