Exercise 8-3 (Algo) Direct Materials Budget (L08-4] Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in westem Siberia. The cost of the musk oil is $190 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3 Year 2 Year First Second Third Fourth First Budgeted production, in bottles 65,000 98,000 150,000 100,000 78,000 The inventory of musk oli at the end of a quarter must be equal to 20% of the following quarter's production needs some 40 800 grams of musk oil will be on hand to start the first quarter of Year 2 Required: Prepare a direct materials budget for musk oll, by quarter and in total, for Year 2 Mink Caress Direct Materials Budget-Year 2 First Quarter Second Quarter Third Quarter Fourth Quarter Year Units of raw materials needed per unit of finished goods Units of raw materials needed to meet production Total units of raw materials needed Units of raw materials to be purchased Unit cost of raw materials Cost of raw materials to purchased