Assume the sales budget for April and May is 40,000 units and 42,000 units, respectively. The production budget for the same two months is 37,000 units and 38,000 units, respectively. Each unit of finished goods required 4 pounds of raw materials. The company always maintains raw materials inventory equal to 20% of the following months production needs. If the company pays $2.45 per pound of raw material, then what is the estimated cost of raw material purchases for April? Multiple Choice $370,310 $363,810 $367,560 $364,560