EXERCISE 8-15 Direct Materials a The production department of Zan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming facel year Unks to be produced 5,000 st Quater 2nd Over 3d Darr 1,000 2000 Quarter 6,000 hp In addition, 6,000 grams of new materials inventory is on hand a e start of the 1st Quarter and the beginning accounts payable for the 1e Quarter is $2,800 Each unit requires & grams of raw material that costs $1.20 per gram Management desires to cod cach quarter with as inventory of raw materials equal to 25% of the following quarter's production seeds. The desired ending inventory fix the 4th Quarter is 5.000 grams. Management plans to pay for 60% of new material purchases in the quarter acquiend and 40% in the following quarter. Each unit requires 0.20 direct labor-boun and divet laborm are paid $11.50 per bou Required: 1. Calculate the estimated grams of raw material that need to be purchased each quarter and for the year i 2. Calculate the cost of raw material purchases for each quarter and for the year as a whole