The Bakery by the Bay produces organic bread that is sold by the loaf. Each loaf requires 1/2 of a pound of flour. The bakery pays $2.00 per pound of the organic flour used in its loaves. The bakery expects to produce the following number of loaves in each of the upcoming four months Click the icon to view the units to be produced.) The bakery has a policy that it will have 10% of the following month's flour needs on hand at the end of each month. At the end of June, there were 78 pounds of flour on hand. Prepare the direct materials budget for the third quarter, with a column for each month and for the quarter. CORO Quarter September 1,760 0.50 5,160 0.50 Direct Materials Budget For the Months of July through September July August Units to be produced 1,560 1,840 0.50 0.50 Multiply by: Pounds of four needed per unit Quantity needed (lbs) for production 780 920 92 88 Plus: Desired ending inventory of direct materials Total quantity (lbs) needed 872 1,008 Less: Beginning inventory of direct materials Quantity (lbs) to purchase 2,580 880 75 75 955 2,655 Multiply by: Cost per pound Total cost of direct material purchases