Johnson Industries manufactures a popular interactive stuffed animal for children that requires two computer chips inside each toy Johnson Industries pays $1 for each computer chip To help guard against stockouts of the computer chip, Johnson Industries has a policy that states that the ending inventory of computer chips should be at least 20% of the following month's production needs The production schedule for the first four months of the year is as follows Click the icon to view the production schedule.) Requirement Prepare a direct materials budget for the first quarter that shows both the number of computer chips needed and the dollar amount of the purchases in the budget Prepare the direct materials budget by first calculating the total quantity needed, and then complete the budget (Round all answers to the nearest number. Use parentheses or a minus sign for negative beginning inventory balances.) Johnson Foods Direct Materials Budget Production schedule For the Months of January through March January February March Quarter Number of toys to be Units to be produced purchased January 5,800 Quanty of direct materials needed per unit February Quantity needed for production 4.000 March 4.800 Desired ending inventory of direct materials April 4.100 Total quantity needed Less: Beginning inventory of direct materials Quantity to purchase Cost per unit Print Done Total cost of direct material purchases