Exercise 07-4 Manufacturing: Direct materials budget LO P1 Zira Co. reports the following production budget for the next four months. April 682 May 710 June 716 July 696 Production (units) Each finished unit requires five pounds of raw materials and the company wants to end each month with raw materials inventory equal to 40% of next month's production needs. Beginning raw materials inventory for April was 1,364 pounds. Assume direct materials cost $5 per pound. Prepare a direct materials budget for April, May, and June. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) ZIRA CO. Direct Materials Budget For April, May, and June April May June Materials needed for production (lbs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Total budgeted direct materials cost