Southin Co. manufactures a product requiring 2 lbs. of raw material for each finished unit. Raw materials inventory had a balance of 7,000 lbs. on March 1. The company wants to maintain an ending inventory equal to 40% of the next months production needs. Production for March and April is projected to be 4,000 and 5,000 units, respectively. How many lbs. of raw material must be purchased in March? a. 1,000 lbs. b. 8,000 lbs. c. 5,000 lbs. d. 12,000 lbs.