Kokomo Industrial has estimated that production for the next five quarters will be Production Information 1st quarter, 2017 2nd quarter, 2017 3rd quarter, 2017 4th quarter, 2017 1st quarter, 2018 40,000 units 36,000 units 43,000 units 33,000 units 41,000 units Finished units of production require 8 pounds of raw material per unit. The raw material cost is $7 per pound. There is $268,800 of raw material on hand at the beginning of the first quarter, 2017. Kokomo desires to have 12 percent of next quarter's material requirements on hand at the end of each quarter Prepare quarterly direct materials purchases budgets for Kokomo Industrial for 2017 Kokomo Industrial Direct Materials Purchases Budget For the Year Ending December 31, 2017 Quarter 2 Quarter 1 Quarter 3 Quarter 4 Year