Check my work 2 Micro Products Inc. has developed a very powerful electronic calculator Each calculator requires three small chips that cost $4 each and are purchased from on overseas supplier. Micio Products has prepared a production budget for the calculator by quarters for year 2 and for the first quarter of year 3, as shown below: Year 2 Year) VIEWS Second Third Fourth FLESS Hudgeted production, in calculators 12,000 102,000 112.000 92,000 10 wo The chip used in production of the calculator is sometimes hard to get, so it is necessary to carry large inventories as a precaution against stock-outs. For this reason, the inventory of chips at the end of a quarter must be equal to 15% of the following quarter's production needs. A total of 48.000 chips will be on hand to start the first quarter of year 2. Required: Prepare a direct materials purchases budget for chips, by quarter and in total, for yoar 2. At the bottom of your budget, show the dollar amount of purchases for each quarter and for the year in total References Micro Products, Inc. Direct Materiais Budget - Year 2 Duster Second Third Fourth Year Required production in calculators Number of chips per calculator Production code-chips Total needs Required purchases--chipa Total cost of purchases