Well Wheats, Inc. produces breakfast cereal and sells each box, or unit, for $7. The company is projecting sales of 1,000 units for the month of March. There are 30 units in the beginning inventory. Each unit requires 20 ounces of raw materials and 0.20 direct labor hours to make. The company's policy is to keep ending finished goods inventory of 10% of the current month's sales. Selling and administrative expenses for the month have been budgeted at $2,000. Knowledge Check 02 Assume that the beginning raw materials inventory is 2,000 ounces. If the desired ending raw materials inventory is 20% of the current month's production needs, calculate the budgeted raw materials to be purchased. 23,680 ounces 21,680 ounces 21,400 ounces 19,120 ounces Knowledge Check 03 If the direct labor cost per hour is $0.75, calculate the budgeted direct labor cost for the month of March. $214.00 $160.50 $802.50 $236.00 O O O