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Required information Use the following information for the Exercises below Ruiz Co. provides the following sales forecast for the next four months: April MayJuneJuly Sales (units) 510 590 540 630 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 Apri 1 is 102 units. Assume July's budgeted production is 540 units. In addition, each finished unit requires five pounds (Ibs.) 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 789 pounds Assume direct materials cost $5 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 April May June Next month's budgeted sales (units) Ratio of inventory to future sales 590 20% 118 510 628 102 526 540 20% 108 590 698 118 580 630 20% 126 540 udgeted ending inventory (units) udgeted unit sales for month Required units of available production 108 558 udgeted beginning inventory (units) Units to be produced