Use the following information to answer the next two questions: The Hamblen Company has budgeted production for the next five quarters as follows: Four pounds of raw materials are required for each unit produced. Raw materials on hand at the start of the year totals 4,000lbs. The raw materials inventory at the end of each quarter should equal 10% of the next quarter's raw material needs. 3. Budgeted purchases of raw materials in the third quarter would be: a. 50,400lbs. b. 56,800lbs. c. 62,400lbs. d. 63,200lbs. 4. The raw materials inventory at the end of 2004 is expected to be: a. 4,400 b. 4,800 c. 5,600 d. 6,400