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1. (T of F) Purchases of raw materials must be at least large enough to cover production. 2. Albertville Ine produces leather handbags. The production budget for the next four months is as follows: July 5.000 units. August 7,000 units, September 7.500 units, October 8,000 units. Each handbag requires 0.5 square meters of leather. Albertville Ine's leather inventory Ine's leather inventory policy is 30% of next month's production needs. Leather is expected to cost $5.00 per square meter in June, but increases by 30% in July, What is the expected cost of leather purchases in July? A. $14.600. B. $15.800. C. $16,200. D. $16,800. E. $18,200. 3. Which of the following is FALSE? A. Sales does not affect raw materials purchases. B. Finished goods inventory policy is one determinant of raw materials purchases. C. When calculating raw materials purchases, the starting point will be budgeted production. D. Two of the above are FALSE. E. None of the above is FALSE. 4. Jim's Pastries, Inc. manufactures donuts, which require 0.3 pounds of flour per unit. Jim's production budget for the next four months is as follows: July, 5,000 units: August, 7.000 units; September, 8,000 units; and October, 8,000. The raw materials flour ending inventory policy is 25% of the following month's production needs. If August planned purchases are $8,700, then what is the approximate cost per pound of flour for August? A. $7.40. B. $6.50. C. $6.25. D. $6.40 E. None of the above. (Tor F) Changes in the raw materials budget will require changes in the production budget