Concord, Inc. makes and sells serving trays. Each tray uses 1/2 pound of plastic, Budgeted production of trays in units for the next three months is as follows: April May June Budgeted production 21.500 22,700 26.000 The company wants to maintain monthly ending inventories of plastic equal to 30% of the following month's budgeted production needs. The cost of plastic is $2 per pound. Prepare a direct materials purchases budget for the month of May. (Round pounds of plastic needed for each bucket to 1 decimal place and cost per pound to two decimal places.) Concord, Inc. makes and sells serving trays. Each tray uses 1/2 pound of plastic. Budgeted production of trays in units three months is as follows: April May June Budgeted production 21.500 22.700 26,000 The company wants to maintain monthly ending inventories of plastic equal to 30% of the following month's budgete needs. The cost of plastic is $2 per pound. Prepare a direct materials purchases budget for the month of May. (Round pounds of plastic needed for each bucket to 1 cost per pound to two decimal places.) Beginning direct materials inventory Desired direct materials ending inventory Total pounds of plastic required for production Budgeted cost of direct materials purchases for May Cost per pound Pounds of plastic needed for each tray Serving trays to be produced in May Pounds of plastic to be purchased $