Required information Use the following information for the Exercises below Ruiz Co. provides the following sales forecast for the next four months Sales nits) 1 670 750 700 790 The company wants to end each month with ending finished goods inventory equal to 30% of next month's forecasted sales. Finished goods inventory on April 1 is 201 units. Assume July's budgeted production is 700 units. In addition, each finished unit requires five 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 1,041 pounds. Assume direct materials cost $4 per pound Exercise 7-4 Manufacturing: Direct materials budget LO P1 Prepare a direct materials budget for April, May, and June. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) RUIZ CO Direct Materials Budget For April, May, and June April May June Materials needed for production (Ibs.) Total materials requirements (lbs.) Materials to be purchased (lbs.) Total budgeted direct materials cost