assume May sales will be 1,800 units

Acme Manufacturing Co. has budgeted the following sales for the first four months of next year: Sales price per unit is $180 Acme's policy is to have 75% of next month's sales in inventory. 12/31/21 Finished Goods Inventory is 755 units. Each unit requires 1 pound of raw material at $35 /pound and Acme's policy is to have 50% of next month's raw materials needs in ending inventory. 12/31/21 Raw Material Inventory is 490 pounds Each unit takes 2 hours of labors at $20 hour Variable Factory Overhead are assigned at a rate of $15 per Direct Labor Hour Fixed Factory Overhead are $25,000 per month Sales Commissions are 10% of sales Fixed Selling, General, and Administrative expenses are $35,000 per month Prepare all relevant budgets to determine Net Income for the first quarter of 2022, assume the corporate tax rate is 25% (ignore the effect of inventories on Fixed Factory Overhead)