Required information Use the following information for the Exercises below. Ruiz Co. provides the following sales forecast for the next four months: April 510 May 590 June 540 July 630 Sales (units) 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 153 units. Assume July's budgeted production is 540 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 801 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) Ratio of inventory to future sales 30% Budgeted unit sales for month May June 630 590 540 Required units of available production Units to be produced