This Question: 9 pts 4 of 13 (10 complete) This Test: 100 pts possible Question Help Smith Industries manufactures a popular interactive stuffed animal for children that requires four computer chips inside each toy. The company pays $2 for each computer chip. To help to guard against stockouts of the conputer chip, Smith Industries has a policy that states that the ending inventory of computer chips should be at least 30% of the following month's production needs The production schedule for the first our months of the year is as follows (Click the icon to vie the production schedule.) Prepare a direct materials budget for the first quarter that shows both the number of computer chips needed and the dollar amount of the purchases in the budget. Prepare the direct materials budget by first calculating the total quantity needed, then complete the budget Smith Industries Direct Materials Budget Data Table For the Months of January through March Quarter January FebruaryMarch 5000 1600 4200 13800 Units to be produced Stuffed animals to be produced Multiply by: Quantity of direct materials needed per unit 5,000 January 20000 18400 6800 55200 Quantity needed for production February 4,600 Plus: Desired ending inventory of direct materials March 4,200 Total quantity needed Apri 4,900 Less: Beginning inventory of direct materials Quantity to purchase Print Done Multiply by: Cost per unit Total cost of direct material purchases