1... Using the given information, calculate and complete a direct materials budget for the year 2022. Round calculations to the nearest dollar. The Mugs Unlimited Corporation sells custom designed coffee mugs. They are preparing for the 2022 production year and creating budgets based on the information from the appropriate departments. Sales budgets and schedules of cash collections are complete, as is the production budget. With the additional information below, prepare a Direct Materials budget. **Each coffee mug requires 1.25 lb. of clay **Clay costs $1.75/lb. **Desired E.I. should be 10% of next quarter's budgeted production. (4th quarter is estimated to be the same as 3rd quarter) (1st quarter raw materials B. I. is $1950) Required Production Raw Mat Needed/Unit Production Needs Add: Desired E. I. Total Need Less: Raw Mat B. I Raw Mat to Purchase Cost of Raw Mat/lb Cost of Raw Mat Purch. Direct Materials Budget For the year ended December 31, 2022 Q1 Q2 Q3 Q4 Annual