EXERCISE 10-7. Direct Materials Purchases Budget [LO 2] Roehler Industrial has estimated that production for the next five quarters will be: Production Information 1st quarter, 2017 45,000 units 2nd quarter, 2017 41,000 units 3rd quarter, 2017 49,000 units 4th quarter, 2017 38,000 units Ist quarter, 2018 47,000 units Finished units of production require 6 pounds of raw material per unit. The raw material cost is $7 per pound. There is $283,500 of raw material on hand at the beginning of the first quarter, 2017. Roehler desires to have 15 percent of next quarter's material requirements on hand at the end of each quarter. REQUIRED Prepare quarterly direct materials purchases budgets for Roehler Industrial for 2017