Exercise 23-6 On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2017 Sales units: Ending raw materials inventory: 40% of the next quarter's production requirements Ending finished goods inventory: 25% of the next quarter's expected sales units Third-quarter production First quarter 5,100; second quarter 6,000; third quarter 7,400 7,650 units. The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to production and sales that occur in 2017. 4 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $5 per pound Prepare a production budget by quarters for the 6-month period ended June 30, 2017 HARDIN COMPANY Production Budget Quarter 2 Six Months Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2017. HARDIN COMPANY Direct Materials Budget Quarter 2 Six Months