Sheng Company manufactures faux-leather bags. Each bag takes 0.5 yards of material. The material costs $5 per yard. The company had 1,500 yards of material on hand at the beginning of January and required enough ending monthly materials to be on hand to meet 10% of the following month's production requirements. The company's production budget follows: Required Production January February March 30,000 35,000 38,000 Quarter 103,000 The company expects to produce 40,000 units in April. Required: Prepare a materials purchases budget for the quarter. Provide both the number of yards, and dollar value of inventory to be purchased.