Required information Use the following information for the Exercises below. Ramos Co. provides the following sales forecast and production budget for the next four months Sales (units) Budgeted production (units) April 590 530 May 670 660 June 620 639 July 590 630 The company plans for finished goods inventory of 210 units at the end of June. In addition, each finished unit requires 5 pounds of direct materials and the company wants to end each month with direct materials inventory equal to 30% of next month's production needs. Beginning direct materials inventory for April was 795 pounds. Direct materials cost $2 per pound. Each finished unit requires 0.50 hours of direct labor at the rate of $20 per hour. The company budgets variable overhead at the rate of $24 per direct labor hour and budgets fixed overhead of $8.900 per month Exercise 20-8 Manufacturing: Direct materials budget LO P1 Prepare a direct materials budget for April, May, and June. Prepare a direct materials budget for April, May, and June. May 660 RAMOS CO. Direct Materials Budget For April, May, and June April Budget production (units) 530 Materials requirements per unit Materials needed for production (lbs.) 2,650 Budgeted ending inventory (lbs.) Total materials requirements (lbs.) Beginning inventory (lbs.) 795 Materials to be purchased (lbs.) (795) Materials price per pound $ 2.00 $ Budgeted cost of direct materials purchases $ (1,590) $ June 630 units 5 lbs. 3,150 lbs. 3,300 0 0 2.00 0 0 2.00 $ Prepare a direct labor budget for April, May, and June (Enter your direct labor hours (hr) per unit in two decimal places.) RAMOS CO Direct Labor Budget For April, May, and June 1 April May 530 June Budgeted production (units) 660 Total labor hours needed Budgeted direct labor cost RAMOS CO. Factory Overhead Budget For April, May, and June April May June Total labor hours needed Budgeted variable overhead Budgeted fixed overhead Total budgeted factory overhead