Question 1 Part I (8 marks) Budgeted production of Chocolate pack is given below by quarters for Year 3 and for the first quarter of Year 4. Three grams of cocoa are needed for each pack of Chocolate. The cost of cocoa is $2 per gram: Year 3 First Second Third 30,000 40,000 50,000 Year 4 First 60,000 Fourth 45,000 Budgeted production in Chocolate packs 18,000 grams of cocoa will be on hand at the beginning of the first quarter of Year 3. Cocoa is an essential component to stock up as a buffer. So, the inventory of cocoa at the end of each quarter must be equal to 16% of the following quarter's production needs. Required: Prepare a direct materials budget for cocoa by quarters and in total, for Year 3 by showing the subtotal row: "Total units of raw materials needed in the budget. (8 marks)