General Manufacturing expects to have 40,000 pounds of raw materials inventory on hand on June 30, the end of the current year. The company has budgeted the following production for the first four months of the coming year: October July 100,000 August 120,000 September 150,000 Production (units) 110,000 General Manufacturing desires each month's ending raw materials inventory to be 20% of the following month's production needs. A finished unit requires two pounds of raw materials. General Manufacturing's budgeted purchases of raw materials during July (in lbs.) should be: 200,000 lbs. 248,000 lbs. 48,000 lbs. 296,000 lbs. 0 208,000 lbs