The Budget Director of SunFun Inc., in consultation with other members of executive management, has gathered the following data for use in developing a master budget for operations and a cash budget for May. Use the following data to set up, in good form, the following budgets for May for SunFun Inc.: Cost of Goods Sold Budget Budgeted Income Statement Cash Budget Product units Sell Price per Unit 35,000 25,000 Estimated inventories, May 1 Material Pounds 4.000 3.500 Product Units Cost per Unit Cost of Work in Process 5/15 Estimated Inventories, May 31 Material A Pounds 3.000 2,500 Product Cost per Unit Units 2.500l 2.000 Cost of Work in Process, 5/31 $ Direct Materials used in production Pounds per unit of Y Pounds per unit of Z Unit costs for direct materials Cost per pound Direct labor requirements Department 2 Hours per unit S Rate per hour Product Department 1 Hours per unit $ Rate per hour 0.4 0.6 025 Factory overhead actual costs Estimated total $ 295,000 Operating expenses Estimated total $ 632,500 Estimated income tax rate 20% 8,200 80% 80% 90% Cash estimates for May: Estimated cash balance, 5/1$ Sales expected to be collected in cash in May Direct materials purchases expected to be paid in May Direct labor costs expected to be paid in May Factory overhead costs expected to be paid in May Operating expenses expected to be paid in May Income taxes expected to be paid in May No other cash receipts or payments expected in May Desired cash balance, 5/31 $ 75% 70% 30% 90,000