On January 1, 2022, the Sheffield Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: First quarter 7,300; second quarter 8,760; third quarter 10,220. Ending raw materials inventory: 40% of the next quarter's production requirements. Ending finished goods inventory: 25% of the next quarter's expected sales units. Third-quarter production: 10,570 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. Your answer is correct. Prepare a production budget by quarters for the 6-month period ended June 30, 2022. SHEFFIELD COMPANY Production Budget For the Six Months Ending June 30, 2022 Quarter 1 2 Expected Unit Sales - 7300 8760 Add : Desired Ending Finished Goods Units 2190 2555 Total Required Units 9490 11315 Less : Beginning Finished Goods Units 1825 i 2190 i Required Production Units 7665 9125 Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020. SHEFFIELD COMPANY Direct Materials Budget For the Six Months Ending June 30, 2020 - Quarter 1 2 Units to be produced 7665 9125 Direct Materials Per Unit 4 3 3 Total Pounds Needed for Production 22995 27375 Add : Desired Ending Direct Materials (Pounds) - 3066 4228 Total Materials Required 26061 31603 Less : Beginning Direct Materials (Pounds) 2920 3650 Direct Materials Purchases 29565 35148 Cost Per Pound $ 4 $ Total Cost of Direct Materials Purchases $ 118260 $ 140592 $