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Patrick Inc. makes industrial solvents. In the first 4 months of the coming year, Patrick expects the following unit sales. January 41,000 February 38,000 March 50,000 Aprill Patrick's policy is to have 21% of next month's sales in ending inventory. On January 1, It is expected that there will be 4,500 drums of solvent on hand. Required: Prepare a production budget for the first quarter of the year. Show the number of drums that should be produced each month as well as for the quarter in total. If required, round your answers to the nearest whole unit. 51,000

Patrick Inc. makes industrial solvents. In the first 4 months of the coming year, Patrick expects the following unit sales. January 41,000 February 38,000 March 50,000 Aprill Patrick's policy is to have 21% of next month's sales in ending inventory. On January 1, It is expected that there will be 4,500 drums of solvent on hand. Required: Prepare a production budget for the first quarter of the year. Show the number of drums that should be produced each month as well as for the quarter in total. If required, round your answers to the nearest whole unit. 51,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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eBook Show Me How March Patrick Inc, makes industrial solvents. In the first 4 months of the coming year, Patrick expects the following unit sales: January 41,000 February 38,000 50,000 April 51,000 Patrick's policy is to have 21% of next month's sales in ending inventory. On January 1, It is expected that there will be 4,600 drums of solvent on hand. Required: Prepare a production budget for the first quarter of the year. Show the number of drums that should be produced each month as well as for the quarter in total. If required, round your answers to the nearest whole unit. Sales Desired ending inventory Patrick Inc. Production Budget For the Coming Quarter January February March 1st Quarter Total Total needs Less: Beginning inventory Units to be produced CO
Transcribed Image Text:eBook Show Me How March Patrick Inc, makes industrial solvents. In the first 4 months of the coming year, Patrick expects the following unit sales: January 41,000 February 38,000 50,000 April 51,000 Patrick's policy is to have 21% of next month's sales in ending inventory. On January 1, It is expected that there will be 4,600 drums of solvent on hand. Required: Prepare a production budget for the first quarter of the year. Show the number of drums that should be produced each month as well as for the quarter in total. If required, round your answers to the nearest whole unit. Sales Desired ending inventory Patrick Inc. Production Budget For the Coming Quarter January February March 1st Quarter Total Total needs Less: Beginning inventory Units to be produced CO
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