Required information Use the following information for the Exercises below. Ruiz Co. provides the following sales forecast for the next four months: July April 680 May June Sales (units) 800 760 710 The company wants to end each month with ending finished goods inventory equal to 40% of next month's forecasted sales. Finished goods inventory on April 1 is 272 units. Assume July's budgeted production is 710 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 40% of next month's production needs. Beginning raw materials inventory for April was 1,424 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 Budgeted production (units) Materials requirements per unit Materials needed for production (Ibs.) Budgeted ending inventory (bs.) Total materials requirements (lbs.) Beginning inventory (lbs.) Materials to be purchased (lbs.) Cost per lb. Total budgeted direct materials cost