On January 1, 2022, the Swifty Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 6,400; second quarter 7,680; third quarter 8,960. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 9,310 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. Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020. SWIFTY COMPANY Direct Materials Budget For the Six Months Ending June 30, 2020 Quarter 1 2 Units to be produced 6400 7680 Direct Materials Per Unit 3 3 Total Pounds Needed for Production 19200 23040 Add Desired Ending Direct Materials (Pounds) 9216 10752 Total Materials Required 28416 33972 Less V: Beginning Direct Materials (Pounds) 7680 9216 Direct Materials Purchases 20736 24576 Cost Per Pound $ 4 $ Total Cost of Direct Materials Purchases $ $ 82944 $ 98304 On January 1, 2022, the Swifty Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 6,400; second quarter 7,680; third quarter 8,960. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 9,310 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. Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020. SWIFTY COMPANY Direct Materials Budget For the Six Months Ending June 30, 2020 Quarter 1 2 Units to be produced 6400 7680 Direct Materials Per Unit 3 3 Total Pounds Needed for Production 19200 23040 Add Desired Ending Direct Materials (Pounds) 9216 10752 Total Materials Required 28416 33972 Less V: Beginning Direct Materials (Pounds) 7680 9216 Direct Materials Purchases 20736 24576 Cost Per Pound $ 4 $ Total Cost of Direct Materials Purchases $ $ 82944 $ 98304