Materials Purchases Budget Steel Company manufactures faux-leather product. Each product takes 0.5 yards of material. The material costs $5 per yard. The company had 1,500 yards of material on hand at the beginning of January and required enough ending monthly materials to be on hand to meet 10% of the following month's production requirements. The company's production budget follows: Q1 Q2 Q3 Q4 year Required Production 30,00035,00038,00040000143000 The company expects to produce 40,000 units in next quarter of next year. Required: Prepare a materials purchases budget for the year. Provide both the number of yards, and dollar value of inventory to be purchased