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7) Meter Products has developed a very powerful toy. Each toy requires 3 "chips".. The production budget for five quarters is shown below: Year 2 Year 3 First Second Third Fourth First Budgeted Production 50,000 70,000 140,000 70,000 80,000 Meter would like to have a desired ending inventory for each quarter to equal 10% of the following quarter's production needs. Prepare a direct materials budget for chips, by quarter and in total for Year 2