Sheridan Products Company manufactures and sells a single product. Each unit requires three feet of tubing. Sheridan's budgeted production is as follows: December 15,500 units January 13,000 units February 15,500 units March 12,000 units April 12,500 units Sheridan budgets monthly ending inventories to be equal to 20% of the following month's production needs. The January beginning inventory meets this requirement. The tubing costs $0.90 per foot. Prepare the direct material purchases budget for tubing for the first quarter. (Round Standard material per unit to O decimal place, e.g. 5,275 and Standard price per foot answers to 2 decimal places, e.g. 52.75.) Sheridan Products Company Direct Materials Purchases Budget January February March Standard material per unit Production needs Budgeted purchases cost Total materials required Standard price per foot Beginning inventory Budgeted production Budgeted materials purchases Budgeted ending inventory $ $ $ $ $ SheridanProducts Company Direct Materials Purchases Budget January February March 1st Quarter $ $ $ $ $ $ $ $ January February March > v > > $ $ LA $ $ $