Exercise $20-10($Algo$)$ Manufacturing: Direct materials budget LO P$1$

Electro Company budgets production of $460,000$ electric panels in the second quarter and $530,000$ electric panels in the third quarter. Each panel requires $0\mathrm{.}80$ pound of direct material at a cost of $$1\mathrm{.}80$ per pound. The company desires to end each quarter with an ending inventory of this material equal to $20\%$ of next quarter's budgeted materials requirements. Beginning inventory of this material is $73,600$ pounds.

Prepare a direct materials budget for the second quarter.