Use the following information for the Exercises below. Ruiz Co. provides the following sales forecast for the next four months: April July May 770 June Sales (units) 720 690 810 The company wants to end each month with ending finished goods inventory equal to 20% of next month's forecasted sales. Finished goods inventory on April 1 is 138 units. Assume July's budgeted production is 720 units. In addition, each finished unit requires six 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 1,271 pounds. Assume direct materials cost $6 per pound. Exercise 7-3 Manufacturing: Production budget LO P1 Prepare a production budget for the months of April, May, and June. RUIZ CO. Production Budget For April, May, and June May Next month's budgeted sales (units) Ratio of inventory to future sales 770 720 810 20% Required units of available production Units to be produced