Production and purchases budgets LO 4, 5 Osage, Inc., has actual sales for May and June and forecast sales for July, August, September and October as follows: Required: a. The firm's policy is to have finished goods inventory on hand at the end of the month that is equal to 65% of the next months sales It is currently estimated that there will be 3, 848 units on hand at the end of June. Calculate the number of units to be produced n each of the months of July. August and September. b. Each unit of finished product requires 4 pounds of raw materials The firm's policy is to have raw material inventory on hand at the end of each month that is equal to 65% of the next months estimated usage. It is currently estimated that 25,000 pounds of raw materials will be on hand at the end of June. Calculate the number of pounds of raw materials to be purchased in each of the months of July and August