5. The budget director of Silver Rock, Inc., has gathered the following data for use in developing budgets for May: a. Estimated sales for May: Product \#1-1,500 units at $50 per unit Product \#2 7,500 units at $180 per unit b. Estimated inventories at May 1 : Direct materials: Plastic 100 lbs. Lining 80 lbs. Finished products: Product \#1 - 50 units at $30 per unit Product #2250 units at $80 per unit c. Desired inventories at May 31 : Direct materials: Plastic 60lbs. Lining 70 lbs. Finished products: Product \#1-60 units at $30 per unit Product #2240 units at $82 per unit d. Direct materials used in production: In manufacture of product \#1: Plastic 1.2lbs. per unit of product Lining 0.5lb. per unit of product In manufacture of product \#2: Plastic 3.5lbs, per unit of product Lining 1.5 lbs. per unit of product e. Anticipated cost of purchases and beginning and ending inventory of direct materials: Plastic $6.50 per lb. Lining $4.50 per lb. f. Direct labor requirements: Product \#1: Fabrication Department 0.2hr, at $22 per hr. Finishing Department 0.5hr. at $15 per hr. Product \#2: Fabrication Department 0.5hr, at $22 per hr. Finishing Department 1.8hrs. at $15 per hr. g. Estimated factory overhead costs for May: h. Estimated operating expenses for May: 1. Estimated other revenue and expense for May: Interest revenue $1,940 Interest expense 2,500 J. Estimated tax rate, 22% Answer the following questions (show all work and circle final answers). a. Compute the sales estimate for May. b. Compute the production needs for May. c. Compute the direct materials that need to be purchased. d. Compute the direct labor cost for May. c. Compute the factory overhead for May. f. Compute the Cost of Goods Sold for May (beginning WIP =$17,590 and ending WIP =$16,300. g. Compute Selling and Administrative Expenses for May. h. Compute Net Income for May. i. Based on your answers, how would you use this information for the month of May? Explhin