Use the following information for the Exercises below. Ruiz Co. provides the following sales forecast for the next four months April May June July 640 720 670 760 Sales (units) 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 128 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 40% of next month's production needs. Beginning raw materials inventory for April was 1,050 pounds. Assume direct materials cost $5 per pound. Exercise 7-4 Manufacturing: Direct materials budget LO P Prepare a direct materials budget for April, May, and June. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Direct Materials Budget For April, May, and June April May June 656 730 670 units Budgeted production (units) Materials requirements per unit Materials needed for production (Ibs.) Budgeted ending inventory (Ibs.) Total materials requirements (Ibs.) 4 Ibs (ibs.) 1,050 lbs Materials to be purchased (ibs.) Cost per It. Total budgeted direct materials cost per lb