Preparing a Direct Materials Purchases Budget Patrick ine. makes industrial kolvents sold in 5-galion drum containers. Planned productien in unas for the first 3 months of the coming year ist Each drum requires 5.5 gallons of chemicals and one plastic drum containes. Company policy requires that ending imventories of raw materials for each month be 15% of the next month's production needs. That pelicy was met for the ending inventory of December in the prior year. The cost of ane gallon of chemicals is 52 . oo. The cost of one drum is $1.60. Required: 1. Calcuiate the ending inventory of chemicals in gailions for December of the prior year, and for January and February, What is the beginning inventory of chemicals for January? Round your answers to the nearest whole gation. 2. Prepare a direct materials purchases budget for chemicals for the months of January and February, Do not include a multiplication symbol as part of your answer: 4. Prepare a direct materiais purchases budget for drums for the months of January and February. Do not indude a multiplication symbol as part of your