Use the following information for the Exercises below. Ruiz Co. provides the following sales forecast for the next four months 640720 670760 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 four pounds (lbs.) of raw materials and the company wants to end each month with raw materials inventory equal to 20% of next month's production needs. Beginning raw materials inventory for April was 538 pounds. Assume direct materials cost $5 per pound. Exercise 20-3 Manufacturing: Production budget LO P Prepare a production budget for the months of April, May, and June. RUIZ CO. Production Budget 670 760 720 40% 640 month with ending finished goods inventory equal to 40% of next month's on April 1 is 256 units. Assume July's bu The company wants to end each is 670 units. In addition, each unit requires four pounds (bs.) of raw materials and the company wants to end equal to 20% of next month's Exercise 20-3 Manufacturing: Production budget LO P1 720 1 of 7