Sheffield, Inc. produces pellets for cornhole bags from pla ated production and sales of pellets in pounds for the next 2 months as: May June Estimated production 43,500 48.500 Estimated sales 51,900 34,100 Each pound of pellets requires 0.20 pounds of resin. The cost of resin is $5.50 per pound. Sheffield wants to have 30% 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.) SHEFFIELD, INC. Direct Materials Purchases Budget Month of May Estimated production in pounds of pellets for May 43500 Pounds of resin needed per pound of pellets .20 atal pounds of resin needed for production 8700 Add Ending direct materials inventory less Beginning direct materials inventory Total pounds of resin needed for production Cost per pound of resin Budgeted cost of direct materials purchases