Hoffman Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows: Total sales revenue 181,000 219,000 1st quarter.... S 2nd quarter... $ 3rd quarter ... S 255,000 4th quarter...S 199,000 Number of jars sold Unit sales Plus: Desired ending inventory Total needed 152,500 181,500 213,000 160,500 Prepare the production budget by first calculating the total units needed, then calculate the units to produce. Hoffman Foods Production Budget For the Quarters in the Upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Hoffman anticipates selling 223,000 jars with total sales revenue of $260,000 in the first quarter of the year following the year given in the preceding table. Hoffman has a policy that the ending inventory of jars must be 30% of the following quarter's sales. Requirement Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in total.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Hoffman Foods produces specialty soup sold in jars. The projected sales in dollars and jars for
each quarter of the upcoming year are as follows:
Total sales
revenue
181,000
$ 219,000
1st quarter....$
2nd quarter ... S
3rd quarter ... $
255,000
4th quarter ...$ 199,000
Number of jars
sold
152,500
181,500
213,000
160,500
Unit sales
Plus: Desired ending inventory
Total needed
Prepare the production budget by first calculating the total units needed, then calculate the units to produce.
Hoffman Foods
Production Budget
For the Quarters in the Upcoming Year
Quarter 1 Quarter 2 Quarter 3
-C
Quarter 4
Year
Hoffman anticipates selling 223,000 jars with total sales revenue of $260,000 in the first
quarter of the year following the year given in the preceding table. Hoffman has a policy
that the ending inventory of jars must be 30% of the following quarter's sales.
Requirement
Prepare a production budget for the year that shows the number of jars to be produced
each quarter and for the year in total.
Transcribed Image Text:Hoffman Foods produces specialty soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows: Total sales revenue 181,000 $ 219,000 1st quarter....$ 2nd quarter ... S 3rd quarter ... $ 255,000 4th quarter ...$ 199,000 Number of jars sold 152,500 181,500 213,000 160,500 Unit sales Plus: Desired ending inventory Total needed Prepare the production budget by first calculating the total units needed, then calculate the units to produce. Hoffman Foods Production Budget For the Quarters in the Upcoming Year Quarter 1 Quarter 2 Quarter 3 -C Quarter 4 Year Hoffman anticipates selling 223,000 jars with total sales revenue of $260,000 in the first quarter of the year following the year given in the preceding table. Hoffman has a policy that the ending inventory of jars must be 30% of the following quarter's sales. Requirement Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in total.
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