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Q No.4 Purchase and Cash Payments: A production budget by fiscal quarter for Knowlton Company is given as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 24000 units 30000 units 32000 units 42000 units Four units of materials are used in producing each unit of product. Each unit of material costs $60.the material inventory is to be equal to 25% of production requirement for the next quarter. This requirement was met at the beginning of the year. Production for the first quarter following the budget year is estimated at 28000 units. Account payable for material purchased is estimated at $38400 at the beginning of the current budget year. It is estimated that account payable at the end of the quarter for material purchased will be equal to 40% of the purchases during the quarter. Required: 1. Determine the number of units of material to be purchased each quarter. 2. Determine the cost of material to be purchased by quarters. 3. Estimate the payments to be made each quarter for material