The production department of Hareston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 6,000 7,000 8,000 5,000 In addition, the beginning raw materials inventory for the first quarter is budgeted to be 2,400 pounds and the beginning accounts payable for the first quarter is budgeted to be $11,400. Each unit requires two pounds of raw material that costs $4 per pound. Management desires to end each quarter with an inventory of raw materials equal to 20% of the following quarter's production needs. The desired ending inventory for the fourth quarter is 3,750 pounds. Management plans to pay for 60% of raw material purchases in the quarter acquired and 40% in the following quarter. Each unit requires 0.75 direct labor-hours and direct labor-hour workers are paid $12 per hour. Requirement 1: (a) Prepare the company's direct materials budget. (Input all amounts as positive values. Omit the "$" sign in your response.) Hareston Company Direct Materials Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Production needs Less/Add: Desired ending inventory Total needs Less/Add: Beginning inventory Raw materials to be purchased Cost of raw materials to be purchased $ $ $ $ $ (b) Prepare the schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Schedule of Expected Cash Disbursements for Materials 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Accounts payable, beginning balance $ $ $ $ $ 1st Quarter purchases 2nd Quarter purchases 3rd Quarter purchases 4th Quarter purchases Total cash disbursements for materials $ $ $ $ $ Requirement 2: Prepare the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. (Omit the "$" sign in your response.) Hareston Company Direct Labor Budget 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year Total direct labor-hours needed Total direct labor cost $ $ $ $ $