Use the following to answer questions 1, 2, and 3 on direct material and direct labor budgets: May Co. manufactures a product that requires 1 ounce of platinum to produce one unit of the product. The cost of platinum is approximately $360 per ounce. The company maintains an ending platinum inventory (raw material inventory) equal to 10% of the following month's production volume. The following data were taken from the most recent quarterly production budget: July August September Planned production in units 1,000 1,100 980 1. The number of ounces of platinum to be purchased in August is: 2. The cost of platinum to be purchased in August is: 3. If it takes three hours of direct labor to produce one unit of the product and May Co.s cost per one labor hour is $16, direct labor cost for August would be budgeted at: Following questions (Q4 and Q5) are independent. 4. Tara Company has the following historical collection pattern for its credit sales: 70% collected in month of sale 15% collected in the first month after sale 10% collected in the second month after sale 4% collected in the third month after sale 1% uncollectible Budgeted credit sales for the last six months of 20x1 follow. July $30,000 August 35,000 September 40,000 October 45,000 November 50,000 December 42,500 Calculate the estimated total cash collections during the year's fourth quarter (=from October to December) from sales made in the fourth quarter. 5. Adams Sporting Goods manufactures and sells bicycles throughout the southeastern United States. The following data were taken from the most recent quarterly sales forecast: End-of-Month Expected Sales Desired Inventory April 1,400 units 315 units May 1,575 units 412 units June 1,650 units 425 units On the basis of the information presented, how many units of bicycles should the company produce in May