Novak, Inc. produces pellets for cornhole bags from plastic resin which it sells by the pound. Novak has estimated production and sales of pellets in pounds for the next 2 months as: May June Estimated production 42,500 47,600 Estimated sales 50,800 36,500 Each pound of pellets requires 0.25 pounds of resin. The cost of resin is $5.50 per pound. Novak wants to have 20% of the next month's direct materials requirements on hand at the end of each month. Prepare a direct materials purchases budget for the month of May. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round pounds needed per unit and cost per pound to two decimal palces.) NOVAK, INC. Direct Materials Purchases Budget Month of May