Fortin Limited produces and sells a single product, a wearable LED light for runners and cyclists. The analytics group at Fortin Limited has developed the following estimates for unit sales in the upcoming year. Budgeted unit sales First Second Third Fourth Quarter Quarter Quarter Quarter 24,000 22,500 21,000 22,000 Each light requires two separate LED bulbs, each of which costs $2. To ensure enough LED bulbs are on hand to support short-term production if a problem arises with the sole supplier, Fortin Limited maintains an ending inventory of 10% of the following quarter's production needs. A total of 4,800 LED bulbs will be on hand to start the first quarter of the upcoming fiscal year. Management expects sales in the fourth quarter of the upcoming year to be the same as the first quarter of the following year. Required: Prepare a direct materials purchases budget for LED bulbs, by quarter and in total, for the upcoming fiscal year. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total. FORTIN LIMITED Direct Materials Budget - Year 2 Quarter First Second Third Fourth Year Required production of lights 23,850 22,350 21,100 22,000 89,300 Number of bulbs per light 2 2 2 2 2 Total production needs-bulbs 47,700 F 44,700 42,200 44,000 178,600 Add: Desired ending inventory-bulbs 4,470 4,220 4,400 Total needs-bulbs 52,170 48,920 46,600 4,400 48,400 4,400 183,000 F Less: Beginning inventory-bulbs 4,800 4,470 Required purchases-bulbs 47,370 44,450 4,220 42,380 4,400 4,800 44,000 178,200 Total cost of purchases $ 94,740 $ 88,900 $ 84,760 $ 88,000 $ 356,400