Problem 1: Budgets (40 points) Eagle Corporation is working on their master budget. They have already completed their sales budget and production budget. Below is the information related to the budgets prepared. Budgeted unit sales Units to be produced 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000 9,000 8,000 7,000 8,000 11,000 10,000 9,000 The company is now beginning to prepare the direct materials and direct labor budget. Each unit requires 6 grams of direct material that costs $1.80 per gram Management desires to end each quarter with an inventory of direct materials equal to 25% of the following quarter's production needs. The company has used this desired ending inventory policy for direct materials consistently the last five years. The desired ending inventory for the 4 Quarter is 5,000 grams. Each finished unit requires 0.40 direct labor-hours and direct laborers are paid $14.50 per hour. Requirement 1: Prepare the company's direct material budget for the upcoming year. Also, be sure to include a total column for the year, as we did in class. Use GOOD FORM, including labels, just like we did in class Requirement 2: Prepare the company's direct labor budget for the upcoming year. Also, be sure to include a total column for the year, as we did in class. Use GOOD FORM, including labels, just like we did in class