each axe requires four pounds of steel to produce. They provide the following budgeted information for the first half of the coming year: January February March April May June Sales (axes) 32,200 34,960 36,800 39,560 53,360 61,640 Required Production (axes) 35,000 38,000 40,000 43,000 58,000 67,000 the company wants to have 12% of the following month's required steel in direct materials inventory at the end of each month. How many pounds of steel should they purchase in May?