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The production department of Hareston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year:1st Quarter 2nd Quarter 3rd Quarter 4th QuarterUnits to be produced 6,000 7,000 8,000 5,000In addition, the beginning raw materials inventory for the first quarter is budgeted to be 2,400 pounds and the beginning accounts payable for the first quarter is budgeted to be $11,400.Each unit requires two pounds of raw material that costs $4 per pound. Management desires to end each quarter with an inventory of raw materials equal to 20% of the following quarter's production needs. The desired ending inventory for the fourth quarter is 3,750 pounds. Management plans to pay for 60% of raw material purchases in the quarter acquired and 40% in the following quarter. Each unit requires 0.75 direct labor-hours and direct labor-hour workers are paid $12 per hour.Requirement 1:(a) Prepare the company's direct materials budget. (Input all amounts as positive values. Omit the "$" sign in your response.)Hareston CompanyDirect Materials Budget1st Quarter 2nd Quarter 3rd Quarter 4th Quarter YearProduction needsLess/Add: Desired endinginventoryTotal needsLess/Add: BeginninginventoryRaw materials to be purchasedCost of raw materials to be purchased $$$$$(b) Prepare the schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)Schedule of Expected Cash Disbursements for Materials1st Quarter 2nd Quarter 3rd Quarter 4th Quarter YearAccounts payable,beginning balance $ $ $ $ $1st Quarter purchases2nd Quarter purchases3rd Quarter purchases4th Quarter purchasesTotal cash disbursementsfor materials $ $ $ $ $Requirement 2:Prepare the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. (Omit the "$" sign in your response.)Hareston CompanyDirect Labor Budget1st Quarter 2nd Quarter 3rd Quarter 4th Quarter YearTotal direct labor-hours neededTotal direct labor cost $ $ $ $ $
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