help in detail Preparing a Direct Materals Purchases BudgetPatrick Inc, makes industrial solvents sold in 5-gallon drum containers. Planned production in units for the first 3 months of the coming year is:JanuaryFebruaryMarch43,80041,00050,250Each drum requires 5.5 gallons of chemicals and one plastic drum container Company policy requires that ending inventories of raw materials for each month be 15% of the next month's production needs.policy was mat for the ending inventory of December in the prior year. The cost of one gallon of chemicals is $2.00. The cost of one drum is $1.60.Required:Ending inventory for DecemberEnding inventory for JanuaryEnding inventory for FebruaryBeginning inventory for January1. Calculate the ending invertery of chemicals in gallons for December of the prior year, and for January and February. What is the beginning inventory of chemicals for January? Round your answers to thenearest whole gallongationsgationegeliens2. Prepare a drect materials purchases budget for chemicals for the months of January and February. De not include a multiplication symbol as part of your answerPatrick Inc.Direct Materials Purchases Budget-Chemicalsin GallonsFor the Months of January and FebruaryJanuary February

Name: help in detail Preparing a Direct Materals Purchases BudgetPatrick Inc
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: help in detail Preparing a Direct Materals Purchases BudgetPatrick Inc, makes industrial solvents sold in 5-gallon drum containers. Planned production in units for the first 3 months of the coming year is:JanuaryFebruaryMarch43,80041,00050,250Each dr