Required information Use the following information for the Exercises below. Ruiz Co. provides the following sales forecast for the next four months: Sales (units) April 660 May 740 June 690 July 780 The company wants to end each month with ending finished goods inventory equal to 20% of next month's forecasted sales. Finished goods inventory on April 1 is 132 units. Assume July's budgeted production is 690 units. In addition, each finished unit requires four pounds (lbs.) of raw materials and the company wants to end each month with raw materials inventory equal to 30% of next month's production needs. Beginning raw materials inventory for April was 811 pounds. Assume direct materials cost $4 per pound. Exercise 20-3 Manufacturing: Production budget LO P1 Prepare a production budget for the months of April, May, and June. RUIZ CO. Production Budget For April, May, and June April Next month's budgeted sales (units) 740 Ratio of inventory to future sales 20% May June 690 780 Required units of available production Units to be produced