Use the following information for the Exercises below. Ruiz Co. provides the following sales forecast for the next four months: April May 778 JuneJuly 720 Sales (units) 690 810 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 276 units. Assume July's budgeted production is 720 units. In addition, each finished unit requires five pounds (bs.) 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 1,083 pounds. Assume direct materials cost $6 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