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 640 May 720 June 670 July 760 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 256 units. Assume July's budgeted production is 670 units. In addition, each finished unit requires six 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 1,613 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.) Answer is not complete. RUIZ CO. Direct Materials Budget For April, May, and June April May 640 720 x 6 6 June 670 units 6 lbs. Budgeted production (units) Materials requirements per unit Materials needed for production (lbs.) Budgeted ending inventory (lbs.) Total materials requirements (lbs.) Beginning inventory (lbs.) tory (lbs.) Materials to be purchased (lbs.) Cost per lb. Total budgeted direct materials cost 1,613 4s 4 per lb