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EXERCISE 8-3 Direct Materials Budget Loe Three grams of musk oil are required for each...

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EXERCISE 8-3 Direct Materials Budget Loe Three grams of musk oil are required for each led Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of tes musk oil is $1.50 per gram. Budgeted pro- duction of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3: Year 2 Year 3 First Second Third Fourth First 60,000 90,000 150,000 100,000 70.000 Budgeted production, in bottles The inventory of musk oil at the end of a quarter must be equal to 20% of the following quarter's production needs. Some 36,000 grams of musk oil will be on hand to start the first quarter of Year 2. Chapter 8 Required: Using Schedule 3 as your guide, prepare a direct materials budget for musk oil, by quarter and in total, for Year 2

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