Exercise 8-3 Direct Materials Budget [LO4] Micro Products, Inc., has developed a very powerful electronic calculator. Each calculator requires four small chips that cost $5 each and are purchased from an overseas supplier. Micro Products has prepared a production budget for the calculator by quarters for Year 2 and for the first quarter of Year 3, as shown below:The chip used in production of the calculator is sometimes hard to get, so it is necessary to carry large inventories as a precaution against stockouts. For this reason, the inventory of chips at the end of a quarter must equal 23% of the following quarter?s production needs. A total of 44,800 chips will be on hand to start the first quarter of Year 2. Required: Prepare a direct materials budget for chips, by quarter and in total, for Year 2. (Do not round intermediate calculations. Input all amounts as positive values. Omit the $? sign in your response.) Required production in calculators Number of chips per calculator