Marx Industrial has estimated that production for the next five quarters will be: Production Information 1st quarter, 2017 40,000 units 2nd quarter, 2017 36,000 units 3rd quarter, 2017 43,000 units 4th quarter, 2017 33,000 units 1st quarter, 2018 41,000 units Finished units of production require 4 pounds of raw material per unit. The raw material cost is $5 per pound. There is $160,000 of raw material on hand at the beginning oft desires to have 20 percent of next quarter's material requirements on hand at the end of each quarter. Prepare quarterly direct materials purchases budgets for Marx Industrial for 2017. Marx Industrial Direct Materials Purchases Budget For the Year Ending December 31, 2017 Quarter 2 Quarter 1 Quarter 3 Quarter 4 beginning of the first quarter, 2017. Marx cer 4 Year $