a. Prepare the following operating budgets for Lavish Towel for the month of May. 1. Sales forecast. 2. Production budget. 3. DM purchases budget. 4. DL budget. 5. MOH budget. 6. SG\&A budget. b. Prepare the budgeted COGS schedule and income statement for May. Assume there is no beginning or ending WIP Inventory in May. Lavish uses the FIFO method for inventory valuation. c. Explain how the pieces from this budgeted income statement would affect Lavish's cash budget, as well as its budgeted balance sheet for May