Use the following information for the Exercises below. Ruiz Co. provides the following sales forecast for the next four months: April 620 May 700 June 650 July 740 Sales (units) 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 248 units. Assume July's budgeted production is 650 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 978 pounds Assume direct materials cost $3 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 (Ibs.) Total materials requirements (ibs.) Beginning inventory (lbs.) Materials to be purchased (bs.) Total budgeted direct materials cost