The budget components for Swifty Company for the quarter ended June 30 appear below. Swifty sells recycling bins for $14 each. Budgeted production for the next three months is: April 24,500 unitsMay ,45,000 unitsJune ,31,500 units Swifty desires to have recycling bins on hand at the end of each month equal to 20
percent of the following month's budgeted sales in units. On March 31, Swifty had 4,500 bins on hand. Five pounds of plastic are required for each recycling bin. At the end of each month, Swifty desires to have 10 percent of the following month's direct material needed for production on hand. At March 31, Swifty had 12,250 pounds of plastic on hand. The direct materials used in production cost $0.70
per pound. Each recycling bin produced requires 0.10 hours of direct labor. Compute the budgeted dollar value of the ending direct materials inventory at the end of May.