Please do not give solution in image format thanku 2. Prepare a direct materials purchases budget for jars for the months of January and February.Peanut Land Inc.)Direct Materials Purchases Budget for JarsFor January and FebruaryJanuaryFebruaryProductionJarJars for productionDesired ending inventoryTotal needsLess: Beginning inventoryJars purchased55.500 X55,500 XProductionOuncesOunces for productionDesired ending inventoryTotal needsLess: Beginning inventoryOunces purchased555,000 X13,875 X69,375 X64,375 X55.500 X1.332.000 X266,400 X5,000 X1.598.400 X480.000 X1.118,400 X38.750 XPrepare a direct materials purchases budget for peanuts for the months of January and February.Peanut Land Inc.Direct Materials Purchases Budget for PeanutsFor January and FebruaryJanuaryFebruary930.000 X186.000 X1.116.000 X266.400 X38,750 X38,750 X849,600 X38,750 X9.375 X48,125 X13,875 X34,250 XTotalTotal98.625 X1.968,000 X Production Budget and Direct Materials Purchases BudgetsPeanut Land Inc. produces all-natural organic peanut butter. The peanut butter is sold in 12-ounce jars. The sales budget for the first four months of the year is as follows:Unit SalesDollar Sales ($)70,000147,00045,00094,50040,00084,00046,00096,600Company policy requires that ending inventories for each month be 25% of next month's sales. At the beginning of January, the inventory of peanut butter is 32,000 jars.JanuaryFebruaryMarchAprilEach jar of peanut butter needs two raw materials: 24 ounces of peanuts and one jar. Company policy requires that ending inventories of raw materials for each month be 20% of the next month's production needs. That policy was met on January 1.Required:1. Prepare a production budget for the first quarter of the year. Show the number of jars that should be produced each month as well as for the quarter in total.Peanut Land Inc.Production BudgetFor the First Quarter of the YearJanuary February March70,000 ✓11,250 ✔45,000 ✓ 40,00010,000 ✓ 11,500SalesDesired ending inventoryTotal needsLess: Beginning inventoryUnits produced81,25055,000 ✓32,000 ✓ 11,250 ✓49,25051,50010,000 ✓Total155,00011,500166,50032,00043,750 ✓ 41,500 ✓ 134,500

Lets understand the basics. Management prepare budget in order to estimate future profit and loss…

2. Prepare a direct materials purchases budget for jars for the months of January and February. Peanut Land Inc. ) Direct Materials Purchases Budget for Jars For January and February January February Production Jar Jars for production 55,500 X 55,500 X 555,000 X 38,750 X 38,750 X 38,750 X Total

2. Prepare a direct materials purchases budget for jars for the months of January and February. Peanut Land Inc. ) Direct Materials Purchases Budget for Jars For January and February January February Production Jar Jars for production 55,500 X 55,500 X 555,000 X 38,750 X 38,750 X 38,750 X Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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