The Sales Department of Minimus Inc. has forecast sales for May P7-1 Production, direct materials, and direct labor budget 2016 to be 40,000 units. Additional information follows: Finished goods inventory, May 1... Finished goods inventory, May 31...... Materials used in production: 2,000 units 6,000 units Required Required Inventory Inventory May 1 May 31 1,000 gal 2,000 gal 2,000 lb 2,000 lb Standard Cost $4 per gal $2 per lb X (one gallon per unit).... Y (one pound per unit)... Direct labor hours required in production: Hours per Unit Standard Cost $18 per hour $15 per hour 0.50 1.00 Department Forming Finishing .. Prepare the following: a. A production budget for May. b. A direct materials budget for May. c. A direct labor budget for May