Current Attempt in Progress On January 1, 2022, the Pharoah Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: First quarter 5,600; second quarter 6,720; third quarter 7,840. Ending raw materials inventory: 40% of the next quarter's production requirements. Ending finished goods inventory: 25% of the next quarter's expected sales units. Third-quarter production: 8,000 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. 3 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound.Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2022. PHAROAH COMPANY Direct Materials Budget V Quarter 1 2 v $ $ $ tAPHAROAH COMPANY Production Budget For the Six Months Ending June 30, 2022 Quarter 1 2 Expected Unit Sales 5600 6720 Add Desired Ending Finished Goods Unit 1680 1960 Total Required Units 7280 8680 Less Beginning Finished Goods Unit 1400 1680 i Required Production Units 5880 7000PHAROAH COMPANY Production Budget For the Six Months Ending June 30, 2022 Quarter Six 1 2 Months 5600 6720 Ending Finished Goods Unit 1680 1960 7280 8680 g Finished Goods Unit 1400 i 1680 Inits 5880 7000 12880 eTextbook and Media