The production department of the Conroe Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 7,000 Units to be produced 10,000 9,000 6,000 In addition, the beginning raw materials inventory for the 1st Quarter is budgeted to be 3,600 pounds. Each unit requires three pounds of raw material that costs $2.50 per pound. Management desires end each quarter with a raw materials inventory equal to 20% of the following quarter's production needs. The desired ending inventory for the 4th Quarter is 4,000 pounds. Each unit requires.5 direct labor hours at $12.00 per hour to produce. There are other products produced by Conroe Company, so there is no restrictions on manpower usage. 1. Prepare the company's direct materials budget for the upcoming year. 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. Round Dollars to two decimal places-show your work below 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year