Micro Products Inc. has developed a very powerful electronic calculator. Each calculator requires three small chips that cost $2 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: Year 3 Year 2 First Second Third Fourth 62,000 92,000 152,000 102,000 First Budgeted production, in calculators 82,000 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 stock-outs. For this reason, the inventory of chips at the end of a quarter must be equal to 20% of the following quarter's production needs. A total of 38,000 chips will be on hand to start the first quarter of year 2 Required: a. Calculate the cost of chip purchases for Q2 (to nearest dollar) Answer: a. Calculate the cost of chip purchases for Q2 (to nearest dollar) Answer: uestion 5 b. Calculate the cost of chip purchases for Q3 (to nearest dollar) Hot yet enswered Answer: Marked out of 3.0 P Flag question Previous page Next pa - GROUP ASSIGNMENT Jump to... ACCT 3320 CHAT acer F10 F12 Prison Sys Rig Scroll Lock Pape - Backspace Insert Homo