Goofy Productions Limited manufactures a toy for children aged 9-12 years old. Each toy requires 3 pounds of raw materials that cost $1.25 per pound. Mr. Pluto the manager of Goofy Productions has provided the following production budget for the toys for the next quarter: July August Budgeted production of toys 75,000 61,000 September 52,000 The company likes to maintain an ending inventory level of 10% of the next month's production needs. The beginning inventory of raw materials is 16,000 pounds and the required ending inventory on September 30 is 19,000 pounds. Required: Prepare a direct material purchases budget for each month and total for the quarter. At the bottom of your budget show the dollar amount of purchases for each month and the total for the quarter. (see schedule 3 on page 149 or slide 41