Micro Products, Inc., has developed a very powerful electronic calculator. Each calculator requires two small "chips that cost $3 each and are purchased from an overseas supplier. Micro Products has prepared a production budget for the calculator by quarters for Year 2 and for the first quarter of Year 3, as shown below Third Budgeted production, (Calculators) 53,000 81,000 148,000 95,000 78,000 The chip used in production of the calculator is sometimes hard to get, so it is necessary to carry large inventories as a precaution against stockouts. For this reason, the inventory of chips at the end of a quarter must equal 20% of the folowing quarter's production needs Required: Prepare a direct materials budget for chips, by quarter and in total, for Year 2 (Do not round intermediate calculations. Input all amounts as positive values.) Micro Products, le Direct Materials Budget - Year 2 Quarter Required production of calculators Number of chips per calculator Click to select)' (Click to select) Total needs Click to select)(Click to selecty Total cost of purchases