Ruiz Co. provides the following sales forecast for the next four months: April May June July 590 670620 710 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 177 units. Assume July's budgeted production is 620 units. In addition, each finished unit requires six pounds (Ibs.) 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 1,105 pounds. Assume direct materials cost $5 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 (bs.) Total materials requirements (Ibs.) Materials to be purchased (lbs.) Total budgeted direct materials cost