Lawrence Co. reports the following sales budget of its product, X2X, for the next four months: January 480 units, February 580 units, March 600 units, and April 500 units. On January 1 there are 50 units of X2X in finished goods inventory. Lawrence budgets to have 100 units of X2X on hand at the end of each month. Each finished unit of X2X requires 2 pounds of raw materials, and the company wants to end each month with raw materials inventory equal to 30% of next month's production needs. The beginning raw materials inventory for January was 600 pounds. Assume direct materials cost $3 per pound. How many pounds of raw materials is Lawrence budgeted to purchase in January? QUESTION 7 Lawrence Co. reports the following sales budget of its product, X2X, for the next four months: January 480 units, February 580 units, March 600 units, and April 500 units. On January 1 there are 50 units of X2X in finished goods inventory. Lawrence budgets to have 100 units of X2X on hand at the end of each month. Each finished unit of X2X requires 2 pounds of raw materials, and the company wants to end each month with raw materials inventory equal to 30% of next month's production needs. The beginning raw materials inventory for January was 600 pounds. Assume direct materials cost $3 per pound. How many pounds of raw materials is Lawrence budgeted to use in February? QUESTION 8 Spajer Company has both cash sales and sales on account. In a typical month 40% of its sales are cash and 60% are on account (Accounts Receivable). Credit sales are collected 20% in the month of the sale and 80% in the month following the sale. For Q2 of FY2021 the company forecasts sales of $500,000 for April, $700,000 for May, and $800,000 for June. The beginning balance of accounts receivable on April 1 is $300,000. What is the total amount of credit sales forecasted for Q2